A former financial adviser accused of procuring approximately $1.7 million from clients for their own personal use faces up to seven years in jail if found guilty.

The defendant, who has interim name suppression, has pleaded not guilty to two representative charges of theft by a person in a special relationship.

The Financial Markets Authority (FMA) filed criminal charges against the former financial adviser in the Auckland District Court.

The FMA alleges the defendant procured approximately $1.7m from two sets of clients on the basis that they would invest the funds procured on their behalf, but instead used the funds obtained for personal purposes.

The alleged offending occurred between 2016 and 2022.

The defendant’s next court appearance is scheduled for October 17, 2024.

Theft by a person in a special relationship carries a maximum penalty of seven years’ imprisonment.