The defence lawyer for former financial adviser Jacqui Bradley has argued that an investor who lost more than $700,000 in retirement savings conducted all his meetings with her now deceased husband.
Bradley is facing 75 theft and dishonesty charges in at jury trial at the Auckland District Court.
Her lawyer Ron Mansfield told the court today that the out-of-pocket investor was now pointing the finger at Jacqui Bradley, because her husband, Mike Bradley, had died last year.
The couple ran the financial advisory business B'On Financial Services which collapsed in December 2009.
Mansfield claimed investor Robert Baldey, a former chief executive, had been content with the financial advice provided by Mike Bradley since meeting him in 1992.
Asked numerous times during cross-examination whether he had found Mike Bradley's advice to be credible and reasonable, Baldey agreed he initially had.
Earlier Baldey told the court his confidence wavered with the onset of the global financial crisis around 2008 and said he began asking questions about the security of his various investments with B'On. He said he was reassured several times by Jacqui Bradley, in letters or emails, that his investments were safe.
Baldey told the court he had become too busy with his business career to give his full attention to his financial investments. On his retirement in 1999 he was able to invest significantly more money. As at 30 September 2009, Baldey and his wife had more than $745,000 invested with the Bradleys. It is believed they recovered around $20,000.
Bradley's five-week trial began yesterday. The Crown alleges the Bradleys ran a Ponzi-type scheme in which 28 investors lost $15.5 million over six-and-a-half years. Bradley denies all the charges.
Mansfield also questioned some of Baldey's initial evidence to the Serious Fraud Office, which brought the charges.
Baldey today produced the initial financial plan produced by Mike Bradley which had not been seen by the SFO.
"Is it the case that Mike Bradley has now passed away and you want to focus on Jacqui Bradley?" Mansfield asked.
Baldey admitted he had not mentioned in his interview with the SFO any reliance on Jacqui Bradley's advice.
But he argued all the written advice and confirmation of investments he received came from Jacqui Bradley although his main point of contact was her husband.
- ? Fairfax NZ News
Source: http://www.stuff.co.nz/business/money/7439369/Late-husband-behind-financial-advice
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