Alleged superannuation fraud of more than $400,000

A FINANCIAL advisor has been charged over allegedly defrauding people of nearly $400,000 on the Mid North Coast.

Officers from Coffs/Clarence Police District opened an investigation after receiving reports superannuation funds were being misappropriated in August this year.

Following inquiries, detectives executed a search warrant at a home near Coffs Harbour on Wednesday.

Investigators seized several items, including a computer, mobile phones, and business documents.

Following further inquiries, a 42-year-old man was issued a future court attendance notice for two counts of dishonestly obtain financial advantage by deception on Friday.

Police will allege in court that the man misappropriated $408,000, that had been deposited in a self-managed superannuation fund account, for his own personal use.

He is due to appear at Coffs Harbour Local Court on January 21.

Investigations are continuing.

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