An Auckland financial advisor has admitted stealing nearly $3 million.
Andrew Robinson appeared in the High Court at Auckland this morning where he pleaded guilty to four charges of theft by a person in a special relationship and one of dishonestly using a document, laid after a joint investigation by the Serious Fraud Office and Financial Markets Authority.
The hardest hit of the four victims was Strategic Planning Group, a company for which Robinson was previously a director.
The court heard it was ripped off for more than $2.2 million by the defendant between July 2010 and December 2012.
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Robinson stole the investor funds to repay other investors and to cover some business and personal expenses, it is understood.
Today he accepted the figure of $189,000 for personal expenses but the business expenses alleged by the Crown to be more than $250,000 was in dispute.
The figures would be ironed out at a hearing next month, after which Robinson will be sentenced.
His lawyer Jeremy Bioletti accepted a jail term was inevitable but applied for bail on his client's behalf.
Justice Simon Moore declined the application and remanded Robinson in custody pending sentencing.