SFO case against failed financier delayed
Auckland financier Evan Cherry must wait until October to enter a plea as lawyers argue over details of his case.
Cherry, 53, was charged in April by the Serious Fraud Office with seven counts of theft and providing false investment details for his Investment Solutions group of companies.
He appeared in the North Shore District Court today.
Cherry's lawyer, Matthew Dixon, told the court negotiations between the SFO and his client were continuing.
"We're close, but regrettably not in a position to seal the deal, to speak colloquially. It's a specific particular and I expect we'll have it resolved shortly," he said.
If convicted, the maximum penalty Cherry faces is 10 years in prison.
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 more than 10 years ago. His name is also 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