Allegations of fraud against Financial Advisor

Venkat Raman

Indian Newslink is currently investigating several complaints against a Registered Financial Advisor of Indian origin.

At least three persons have provided us extensive evidence against the Auckland based Financial Advisor with allegations of misconduct, conflict of interest, dishonest dealings, deception, misrepresentation and many other charges.

“This man and his business and life partner have systematically defrauded us and collectively we have lost almost $3 million over the past two years. We are sure that there are many more victims like us. We have filed complaints against this man with the relevant authorities. We want him to return all the monies that he has taken from us under false pretences and promises and provide us due compensation for all the misdeeds,” they said.

Severe stress

The three men said that they have been under severe financial and mental stress.

One of them considered suicide, another says that he has become a nervous wreck, while the third man is reportedly tending to the psychological problems suffered by his wife.

“This Registered Financial Advisor has flouted all the norms and conditions that he is obliged to follow under the Financial Markets Conduct Act. He has deliberately provided us wrong investment advice and has cheated us. He has breached his fiduciary obligation,” they said.

Indian Newslink has the name and other details and our investigation is under progress. We propose to carry a detailed report in our next issue.

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