Friday 19th October 2012
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B'On Financial Services' Jacqueline Bradley has been sentenced to seven years and five months in jail after she gipped her clients out of some $14.4 million.
Bradley was sentenced in the Auckland District Court today after a jury found her guilty of 75 Crimes Act charges, the Serious Fraud Office said in a statement. At the trial, Bradley tried to lay most of the blame on her husband, Michael Bradley, who died before the hearing.
B'On sought funds from investors on the pretext it would invest it for them, but instead used the cash to make repayments to other investors and pay for the Bradley couple's lifestyle.
"B'On investors based their investments on a degree of trust and affinity towards Mrs Bradley," acting chief executive Simon McArley said. "This is an unfortunate reminder of the danger of making investment decisions based on trust alone."
The Companies Office began investigating the couple's businesses in 2009 after receiving complaints, and the Serious Fraud Office was called in January 2010 to look into the affairs the failed companies' books.
In 2010, former SFO chief executive Adam Feeley described the transactions as a 'Ponzi scheme' when he told politicians at a Parliamentary select committee about the pending prosecution a day charges were laid.
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