The Serious Fraud Office has laid charges against a foreign exchange trader.
It says Christopher Collecutt operated under the name 'CFX Trading'.
The 57-year-old is facing three charges totalling just over $1.7 million, including theft by a person in special relationship, obtaining by deception or causing loss by deception, and false statement by promoter.
The SFO says he traded foreign currency on behalf of 73 investors, located both in New Zealand and overseas.
It's alleged a total of 59 investors lost just under $1.5 million through investing with Mr Collecutt.
The SFO alleges that figures in weekly investment reports emailed to investors from late 2008 onwards were false, that commission income was calculated on false profits, and that investor funds were used for personal use.
SFO Chief Executive Adam Feeley says many of Mr Collecutt's investors were family and friends.