Photo / ODTProfits from a property sale may offer some crumbs of comfort to out-of-pocket victims of fraudulent financial adviser Barry Kloogh. The latest liquidator's report, released yesterday, revealed new details of just how empty Kloogh's accounts were when the Serious Fraud Office raided his High St office and Dunedin home in May last year. In July, Kloogh was imprisoned for eight years and 10 months on multiple theft and fraud charges, following an earlier guilty plea. Both IEL — a company which existed purely for Kloogh to use its bank accounts for fraud — and FPL were conduits for Kloogh's criminal activity, the liquidators said. Funds stolen by Kloogh included savings invested to care for a disabled child, and the estate of a man who died from cancer just days before the SFO shut down Kloogh's businesses.

Source: Otago Daily Times December 05, 2020 01:04 UTC