Family's $340,000 in gold lost - Business - NZ Herald News

A family with more than $340,000 invested with a gold bullion trader say they have been told by its owner they won't be getting it back.

The Serious Fraud Office received two calls about Bullion Buyer website yesterday and SFO chief executive Adam Feeley said the complaints were "being looked into as a matter of priority".

The bullion investment company has an office in the Vero building in downtown Auckland and is run by Grace Holdings NZ Ltd, whose sole director is Robert Kairua.

The website has advertised heavily on television and radio and calls itself "New Zealand's trusted name in bullion trading".

Christchurch woman Rose Fraser and her children John and Lela invested US$285,000 ($341,700) in leveraged options with the firm.

This meant they bought gold and borrowed against that investment to buy more, hoping the profits from its sale would be more than the interest payable.