Financial advisor admits stealing nearly $3 million

Andrew Robinson appeared in the High Court at Auckland this morning. Photo / File

An Auckland financial advisor has admitted stealing nearly $3 million.

Andrew Robinson appeared in the High Court at Auckland this morning where he pleaded guilty to four charges of theft by a person in a special relationship and one of dishonestly using a document, laid after a joint investigation by the Serious Fraud Office and Financial Markets Authority.

The hardest hit of the four victims was Strategic Planning Group, a company for which Robinson was previously a director.

The court heard it was ripped off for more than $2.2 million by the defendant between July 2010 and December 2012.

Robinson stole the investor funds to repay other investors and to cover some business and personal expenses, it is understood.

Today he accepted the figure of $189,000 for personal expenses but the business expenses alleged by the Crown to be more than $250,000 was in dispute.

The figures would be ironed out at a hearing next month, after which Robinson will be sentenced.

His lawyer Jeremy Bioletti accepted a jail term was inevitable but applied for bail on his client's behalf.

Justice Simon Moore declined the application and remanded Robinson in custody pending sentencing.