SFO charges former financial adviser Jonathan West with theft for misuse of client money

Tuesday 23rd February 2016

Jonathan West, a former financial services adviser, is facing five charges of theft for what the Serious Fraud Office alleges was misusing client money.

West, who is 60, appeared in the Tauranga District Court yesterday charged with five counts of theft by a person in a special relationship, in relation to his time as director of The Investment Centre and Matrix Futures.

West was remanded on bail without plea, and will next appear in the Tauranga District Court on March 11.

The SFO alleged in a statement that between 2008 and 2013, West used about $1.4 million in client funds either on their behalf but outside the agreed terms, or for his own purposes. West offered financial planning advice, implementation of investment strategies, and ongoing investment reporting to clients based mainly in the Waikato and Bay of Plenty.

West was a registered financial services provider between 2011 and 2012, and had worked in the banking industry prior to setting up The Investment Centre in 1994, the SFO said.

The Investment Centre hasn't filed an annual return since March 2014, and the registrar has initiated action to de-register the company, according to Companies Office records. Matrix Futures was struck off in July 2013, having been registered since March 2001.

West was also director of Jon West Financial Planning from November 1994 to June 2013, when it was struck off.

BusinessDesk.co.nz

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