The Serious Fraud Office (SFO) confirmed today that it is undertaking an investigation into financial advisors, Investment Solutions Ltd (Investment Solutions).
SFO confirms investigation into Investment Solutions Limited
The Serious Fraud Office (SFO) confirmed today that it is undertaking an investigation into financial advisors, Investment Solutions Ltd (Investment Solutions). The investigation was opened under Part II of the SFO Act.
Investment Solutions advertised itself as offering investment and financial advice to “a small select group of personal clients.” The company is suspected of soliciting up to $4 million from an estimated 80 investors, and there are concerns as to whether those funds have been used in accordance with investment instructions.
SFO Chief Executive Adam Feeley says “We encourage any past or current clients of Investment Solutions Limited that may have information that would be relevant to our investigation to contact the Office.”
A financial analysis has already been commenced and the SFO is working with the Companies Office, who are managing the recovery of assets from the company.
Investors who have information relating to this case that may be of interest to the SFO are encouraged to contact Guy Goodale in the investigation team in the first instance - firstname.lastname@example.org.
For further information
Serious Fraud Office
Phone: 021 675 998
Note to editors
Role of the SFO
The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Office Act in response to the collapse of financial markets in New Zealand at that time.
The SFO operates three investigative teams:
- Fraud Detection & Intelligence;
- Financial Markets & Corporate Fraud; and
- Fraud & Corruption.
The SFO operates under two sets of investigative powers.
Part 1 of the SFO Act provides that it may act where the Director “has reason to suspect that an investigation into the affairs of any person may disclose serious or complex fraud.”
Part 2 of the SFO Act provides the SFO with more extensive powers where: “…the Director has reasonable grounds to believe that an offence involving serious or complex fraud may have been committed…”
The SFO’s Statement of Intent 2011-2014 sets out the SFO’s three year strategic goals and performance standards. It is available online at: www.sfo.govt.nz(external link)