18 Mar 2011

Financial advisor jailed over $2m fraud

4:33 pm on 18 March 2011

A Kapiti Coast tax agent and investment advisor who defrauded his clients of about $2 million will serve at least two years and nine months of a five-and-a-half year jail term.

Ian Petersen, 61, was sentenced in the Wellington District Court on 34 dishonesty offences, to which he had earlier pleaded guilty.

Between August 1996 and June 2009 Petersen, who worked as a tax agent and investment advisor, misappropriated money his clients gave him to pay tax and ACC levies.

Judge Bruce Davidson said Petersen's victims were deeply affected financially and emotionally and felt betrayed by someone they saw as a friend and advisor.

He ordered Petersen to pay more than $110,000 reparation before October.