More than 2000 people were active clients of failed financial adviser Barry Kloogh when his businesses collapsed, the Serious Fraud Office says. An SFO statement said nine of the charges were representative, and that it alleged Kloogh had defrauded investors of at least $15.7 million. The official assignee's first report into the liquidation of FPL and IEL estimated that more than 170 clients were owed between $12 million and $14 million. Around a dozen former clients of Kloogh were at today's court appearance; Kloogh was also present, sitting quietly in behind them. Kloogh had been under investigation by the SFO since May, when the organisation excecuted search warrants at his home and business premises.

Source: Otago Daily Times February 19, 2020 20:26 UTC