SFO warns ‘affinity fraud’ growth as social media flourishes, finance companies tarnished

Fri, 31 Aug 2012

Aug. 31 (BusinessDesk) - The Serious Fraud Office is seeing an increase in ‘affinity fraud’, where people have trusted friends or family with their investments and feel less inclined to put their money in finance companies that have lost the public’s trust. SFO Chief Executive, Adam Feeley gave his warning after Christopher Collecutt pleaded guilty in the Auckland District Court to three charges under the Crimes Act while he trade foreign exchange under the name CFX Trading. Some 59 investors, mostly family and friends, lost approximately $1...

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