A 54-year-old man has appeared in Manukau District Court today after being extradited from Australia to face charges that he stole nearly $500,000 from investors in his Wanganui-based finance company.
The man was the sole director of a small finance company set up to provide clients with time payment options for insurance premiums.
At the outset of the business venture in 1997 a number of people invested in the company, Detective Senior Sergeant Neil Forlong said.
In October 2007 a complaint was lodged with the police by an "interested party" concerned about the invested money, and a few days later the man left New Zealand to live in Australia, he said.
Police conducted a "lengthy and complex" investigation with the help of the Serious Fraud Office. A total of 19 victims from around the country were identified during the investigation and it was alleged the man stole a total of $496,000 from the investors for his personal use.
