New Zealand insurance broker Murray McClune has been jailed for stealing $NZ1.7 million ($1.5 million) from two elderly couples, according to the Financial Markets Authority.

McClune, who had known the retired couples more than 40 years, offered investment opportunities while working as a registered financial adviser between 2016 and 2018. At that time, he was also a registered broker and offered services primarily through his business Insurance Plus.

“Rather than invest the funds he had received, he spent them on various personal and business expenses, including purchasing a home in his and his wife’s name,” the authority said.

“Funds were also spent on food and entertainment, travel and overseas expenses, wills and funeral planning, and cash withdrawals. While much of the funds were eventually returned to the investors, in one case the investors had to pursue court action to secure the return of some of their funds, and both investors were left with some money owing.”

McClune was sentenced to three years and seven months’ imprisonment after pleading guilty. He was also permanently banned from holding directorships and management positions, and providing financial advice and client money and property services.

“His conduct was both deliberate and dishonest, and involved a gross breach of trust,” FMA head of enforcement Margot Gatland said.

“Banning [him] ensures protection of the public and deters others from committing breaches.”