An Auckland stockbroker has pleaded guilty to fraud and using investor funds to repay other clients rather than for options trading.
Gregory Alan Arnott pleaded guilty to 10 Crimes Act charges in the Auckland District Court, the Serious Fraud Office said in an announcement yesterday.
The SFO in 2012 laid five charges of theft by a person in a special relationship and another five charges of false statement by a promoter against Arnott.
Arnott, 51, was an options-trader and through his companies - such as Derivatek New Zealand - traded on behalf of local clients on the Australian Stock Exchange.
The stockbroker admitted between April 2008 and May 2012 he used investors' money for purposes other than options trading.