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Updated at 8:32 pm on 11 December 2012
A former Auckland financial director has been sentenced to just over six years in prison for defrauding investors of $5 million.
Evan Paul Cherry, 53, pleaded guilty in North Shore District Court on Tuesday to four charges laid by the Serious Fraud Office.
The offending dates back to his time as the director of several Albany-based companies including Investment Solutions Limited between 2001 and 2007.
The SFO says the companies received about $9 million from 175 investors, of which $5 million was misused.
It says Cherry encouraged investors to extract equity from their homes, or borrow money, to invest in his scheme.
Copyright © 2012, Radio New Zealand
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