Jacqui and Mike Bradley spent investor funds on St Cuthbert's College, credit cards and repaying the mortgage on their $1 million Remuera home, a court heard.
Former Serious Fraud Office forensic accountant Blair Bulloch said that of the $23.2 million the financial advisers took from clients between 2003 and 2010, only $3.8 million was invested legitimately on their behalf.
Bulloch, who gave evidence in Jacqui Bradley's trial yesterday, analysed more than 20 bank accounts controlled by the accused and her late husband.
He examined what happened to money invested in the couple's now-defunct business, B'On Financial Services.
While one of the couple's clients, Robert Baldey, believed that he was putting $49,000 into a one-year bank deposit, Bulloch told the Auckland District Court this never happened.
"It was used for a number of other purposes, including making a payment to St Cuthbert's College, including making transfers to Mike Bradley's ANZ bank account," Bulloch said. In his evidence, the accountant said $18,000 of Baldey's money was used for mortgage payments on the Bradleys' Bassett Rd property in Remuera.
While some of Baldey's funds were transferred to other B'On accounts, Bulloch said none of it ended up being "legitimately invested".
The same was true of a separate $20,000 that Baldey's wife invested with B'On, the witness said.
Before these funds were deposited into the B'On account, it had a balance of only $3.85, he said.
Mike Bradley died last year aged 63.