Background
Murray McClune, a former financial adviser, pleaded guilty on Friday, June 27 2025 to two charges of theft by a person in a special relationship (s 220(1) of the Crimes Act 1961), following an investigation by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko.
Mr McClune had worked in the insurance industry since the late 1960s. Between 2016 and 2022 Mr McClune procured approximately $1.7 million from two sets of elderly clients – on the basis that he would invest the funds on their behalf. Instead, he used some of those funds for his own personal purposes. To give the impression that their funds remained invested and to conceal his unauthorised dealings, he issued falsified statements to the clients, until his offending was detected when he was unable to repay the funds on demand. This case was originally brought by the FMA but became a Crown prosecution after Mr McClune initially elected trial by Jury, before deciding to plead guilty.
Timeline
October 2025
Murray McClune has been sentenced to three years and seven months’ imprisonment for two charges of theft by person in a special relationship. The charges followed an investigation by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko.
The Judge also permanently banned Mr McClune from holding directorships, management positions, and providing financial advice and client money and property services under ss 517-518 of the Financial Markets Conduct Act 2013 (FMCA), which Mr McClune did not oppose. No reparation order was made because the Judge considered to do so would be futile.
June 2025
Murray McClune has pleaded guilty to two charges of theft by a person in a special relationship (s 220(1) of the Crimes Act 1961), following an investigation by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko.
September 2024
The Financial Markets Authority – Te Mana Tātai Hokohoko – has filed criminal charges against a former financial adviser. The defendant, who has interim name suppression, has pleaded not guilty to two representative charges of theft by a person in a special relationship.
