A former financial adviser being sentenced for committing insurance fraud drew strong reader engagement this week…
A former financial adviser has been sentenced to three years’ imprisonment for committing insurance fraud, says the FMA in its April Financial Advisers Update.
The regulator says Harish Puri was an Auckland-based adviser who provided advice on health, life, trauma, disability, and income protection insurance for his clients.
It notes that between 2021 and 2023, Puri “…submitted 41 fraudulent policy applications through two online portals of the insurers he worked with by altering genuine clients’ details to make it look like new clients or using details from other members of the public. In total, he secured $775,000 in upfront commissions.”
The FMA says it and New Zealand Police received a complaint from the insurers in March 2023.
“After opening an investigation, the FMA passed its information over to Police. Puri was charged with two counts of obtaining by deception in March 2024. He pleaded guilty and was sentenced in February 2025.”
FMA Head of Financial Advice, Romil Ghelani says in the adviser update that Puri’s actions “…were nothing short of unacceptable. His conduct discredits the good work we see across [the] financial advice sector.
“When we see this type of behaviour, the FMA will respond swiftly and decisively to hold individuals to account and promote the integrity of the financial advice sector.”
He also thanked the insurers “…for their notification of the conduct and co-operation, and … New Zealand Police for their work advancing this investigation…”