Ian Victor Petersen, a 61 year old man from Waikanae, appeared in the Wellington District Court today and was sentenced to five and a half years imprisonment and was ordered to pay reparation of $110,000 to the victims of his fraud.

He had previously pleaded guilty to 13 counts of theft by a person required to account, 19 counts of theft by person in special relationship, one count of using a document with intent to defraud and one count of dishonestly using a document, laid by the Serious Fraud Office (“SFO”).

SFO Chief Executive, Adam Feeley, said that the sentence reflected the severity of the consequences that the fraud had on the victims of Petersen’s crimes.

“These crimes had devastating financial consequences on people who had placed absolute trust in Mr Petersen, and it was a trust that he abused.”

“We hope that the outcome of our investigation and prosecution at least provide the victims with some solace that serious financial crimes will not go unpunished.”

The charges relate to the misuse of approximately $2M of client funds over a 13 year period.

Several of the victims made complaints to the Kapiti Police who undertook initial investigations before referring the matter to the SFO.

A number of Mr Petersen’s clients are still in discussions with Inland Revenue regarding their outstanding tax liabilities which remain due as a result of Mr Petersen’s actions.

ENDS

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