The Dunedin adviser pleaded guilty in March to 11 representative charges relating to a Ponzi scheme.

He had opted for a jury trial on the remaining charge of making false statements by a promoter.

That meant his sentencing was put off until the trial could happen.

But it was confirmed Thursday that the remaining charge had been dropped. He will be sentenced on July 31.

Investors put nearly $16 million into his companies between 2012 and 2019.

Two of his businesses, Impact Enterprises Limited and Financial Planning Limited, of which he was the sole director, were placed into liquidation by the Dunedin High Court on August 29. They have liabilities of more than $12.5 million.

Breathe Financial was a registered financial provider whose clients were advised on an investment plan by Kloogh, the liquidators noted.

Most of the investors had the purchase of their investment and subsequent reporting arranged via a wrap platform, which should have meant that none of their money passed through the adviser or his business.

But the liquidator said the evidence was the companies operated as a Ponzi scheme controlled by Kloogh, in which money from new investors was used to pay existing ones.

He offered would-be clients “free” dinner as an incentive as he pitched his business to them – but once they invested, he spent their cash on his business, travel, cars and loans to family.

Serious Fraud Office director Julie Read said: “Kloogh exploited the trust and goodwill of his clients to misappropriate a significant amount of money from them. Many victims lost their retirement savings and are not in a position to recover financially.”

Kloogh has had his adviser authorisation and Financial Advice New Zealand membership cancelled.