An Auckland man has admitted running a $5.4 million Ponzi scheme and deceiving friends and associates.
Shane Richard Scott built up trust with some investors across a decade, according to the Serious Fraud Office (SFO).
Some thought he'd been working on overseas investments while others thought they would receive high returns because of property developments and exporting or importing deals.
But Scott was instead running a Ponzi scheme, using money from new investors to pay returns to others, the SFO said today.
"There was no direct evidence of any legitimate investments," the organisation said in a statement.