A Hamilton accountant has been charged by New Zealand’s Serious Fraud Office (SFO) over allegations that he stole more than NZ$1.3 million from three clients by misusing funds entrusted to him for investment and other purposes.
David Waine appeared in the Hamilton District Court on Wednesday facing three charges of theft by a person in a special relationship and one charge of false accounting.
According to the SFO, Waine allegedly used his company, Matley Ltd, to offer investment opportunities to one client before diverting the client’s money for personal and business expenses instead of investing it as promised.
Investigators allege that of the NZ$1.09 million provided by the client, only about NZ$25,000 was actually invested. The remainder was allegedly used to repay Waine’s personal debts, cover business costs, and replace funds that had been taken from other clients.
The SFO also alleges Waine misappropriated more than NZ$240,000 from funds belonging to two other clients that he had access to, using the money for personal expenses and costs associated with his own business.
SFO: Abuse of Professional Trust
SFO Director Karen Chang described the allegations as a serious violation of the trust clients place in financial professionals.
“Trusted professionals, such as accountants, are granted privileged access to a client’s most sensitive information. Abusing this access is an egregious breach of the trust placed in them by clients.”
Chang added that the alleged conduct falls within one of the agency’s strategic enforcement priorities.
“Allegations of fraud undertaken by trusted professionals or professional enablers is one of our strategic areas of focus, reflecting that it is critical to protect the integrity of our professional institutions.”
Court Proceedings Continue
Waine has not entered a plea publicly at this stage. His next appearance in the Hamilton District Court is scheduled for August 25.
The charges remain allegations, and under New Zealand law, David Waine is presumed innocent unless and until proven guilty in court.
