Business Editor for the NZ Herald

Ponzi liquidation ends after 6 years

Jacqui Bradley's clients were told their money was securely invested with a Macquarie Bank fund in Australia. Photo / Brett Phibbs
Jacqui Bradley's clients were told their money was securely invested with a Macquarie Bank fund in Australia. Photo / Brett Phibbs

A line is being drawn under Jacqui Bradley's collapsed Ponzi scheme and its six-and a-half-year liquidation is now over.

The wind up of Bradley's B'on Financial Services, however, has netted little return for her 28 victims, who were swindled out of about $15 million

Bradley was sentenced to seven years and five months' jail in 2012 for her prolonged and premeditated fraud against clients of B'On Financial Services, which she ran with her now-deceased husband, Mike.

Bradley's clients were told their money was securely invested, but client money was used by the Bradleys to repay other B'On investors and fund the couple's lifestyle.

It was spent on school fees, clothes shopping, payments on a BMW and the mortgage on a Remuera home valued at $4.7 million in 2008.

B'On closed its doors in December 2009 and last year its liquidator, Brian Mayo-Smith, said he was considering trying to claw back $2 million from investors who were paid out two years before the collapse.

But Mayo-Smith in January decided not to go ahead with the action, because of the defences which the investors would inevitably mount against the claim, the cost of prosecuting and the lack of any funding to pursue it.

He has released his final liquidation report this week and has given notice that B'On - subject to no objection - will be removed from the Companies Office.

- NZ Herald

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