R v Prestney - [2003] 1 NZLR 21

Criminal law — Theft — Fraudulent conversion of money given for investment — Arrangements recorded in loan agreements — Representation money would be invested in Korean stocks and shares — Whether money had to be so invested — Whether loan agreements meant appellant free to use money as wished — Whether money received on terms requiring it to be paid to another — Crimes Act 1961, s 222.

Criminal law — Elements of crime — Money paid for investment following a representation as to the nature of the investment — Arrangement recorded as loan — Whether an obligation to pay the money in accordance with representation — Nature of obligation — Crimes Act 1961, s 222.

Equity — Fiduciary relationship — Quistclose trust — Money paid for investment following a representation as to the nature of the investment — Arrangement recorded as loan — Whether an obligation to pay the money in accordance with representation — Nature of obligation.