Mike Bradley. Photo / Richard Robinson
An Auckland financial adviser accused of fleecing clients of millions of dollars has died weeks before he was to have faced fraud charges.
Mike Bradley is understood to have had a fatal heart attack at the weekend. He is believed to have had a history of heart problems.
With his
wife Jacqui, Bradley was charged last year with 87 offences under the Crimes Act following the collapse of the couple's financial advisory business, Bradley & Bradley, in 2009.
The Serious Fraud Office believes the Bradleys operated a Ponzi-type scheme involving tens of millions of dollars from more than 80 investors throughout New Zealand.
But it has laid charges relating to only $15 million from 24 investors.
At the end of last year, the couple were bailed to an address in Pauanui. It is understood they had since returned to Auckland.
Neither had pleaded to the charges, and they were to reappear in court on May 9.
One investor, who wished to remain anonymous, said he was disappointed Bradley had avoided jail.
"I'm afraid I don't feel anything at all. If I had seen him in the street I would have ripped him apart, if I'd had the chance."
Receivers sold the Bradleys' Remuera home in July for more than $4 million.
But investors were told they were unlikely to recover much, if any, of their money, as the house had a large mortgage.
A spokesman for the Serious Fraud Office said yesterday that it was too early to say whether the case might be delayed.
The Bradleys are credited by some as pioneers who helped to create the financial advice industry in New Zealand.
In 1988, Jacqui Bradley, then known as Jackie O'Neill, published a book called The Winning Woman, giving financial advice for women.
The Companies Office began investigating the Bradleys in 2009 after complaints from investors, and four firms run jointly by them were placed in liquidation in December that year.
They were B'On Financial Services, B'On Financial Services NZ, Bradley O'Neill Financial Planners and Bradley O'Neill Financial Services.
Another company of which Mike Bradley was the sole director, Rosehip Nominees, was also placed in liquidation.
