Investors must wait for plea

Investors of failed Auckland financier Evan Cherry must wait until next week to hear his response.

Cherry, 53, was charged on April 27 in Auckland's North Shore District Court by the Serious Fraud Office with seven counts of theft and providing false investment details for his Investment Solutions group of companies.

A hearing today, at which Cherry was expected to enter a plea, has been put off until Thursday.

He is accused of soliciting $9m from about 175 investors and the SFO said losses of at least $5m were expected. The SFO said Cherry had advertised his schemes as being able to "generally outperform the market."

Cherry is understood to be a former insurance sales representative for Sovereign who set up Investment Solutions over a decade ago. His name is listed on property records as being the former owner of a dozen properties in the Auckland region.

Until at least 2010, he also worked as the chief operator officer for sewerage treatment start-up Enviro Energy.

- © Fairfax NZ News