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.