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$18m investment 'unlikely to be returned'

Contributor:
Fuseworks Media
Fuseworks Media

Auckland, Aug 12 NZPA - Investors have been told they are unlikely to see any of the $18 million they invested with an Auckland couple, despite the sale of their multi-million dollar Remuera mansion.

Liquidation firm BDO Auckland had told 54 investors who invested $17.8 million it had found no evidence Mike and Jackie Bradley made any investments through their financial advisory firm, Bradley & Bradley, according to a report obtained by the New Zealand Herald.

The Bradleys appeared to have been operating what was known as a Ponzi scheme for years, BDO said in the report.

The couple's large home in Bassett Rd was sold two weeks ago. The house was valued at $4.7 million in 2008 but had a substantial bank mortgage, the newspaper said.

Serious Fraud Office Adam Feeley told the Herald last night a decision on whether to lay charges would be completed within two months.

"The investigation is still ongoing. We are pretty much at the end of interviews.

He refused to say whether the Bradleys were cooperating.

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