Auckland foreign exchange broker has been charged with fraud after 18 investors in an alleged Ponzi scheme lost at least $7 million.

Kelvin Clive Wood (69) entered no plea today at the Auckland District Court to charges of 'obtaining by deception' and 'theft by person in a special relationship' brought by the Serious Fraud Office (SFO).

The SFO alleges that the defendant operated a Ponzi scheme from January 2010 to May 2017 - using new investors' funds to pay other investors their reported gains, or to refund their principal investment.

His largest investors lost $1m each, the SFO says.

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Wood has been remanded on bail until his next appearance at the Auckland District Court on November 13.

Wood ran his alleged scam through two companies: Forex (NZ) and Forex NZ 2000.

The Financial Markets Authority referred the case to the SFO to investigate in mid-2017.