Abstract：The New Zealand authorities recently charged a couple with running a Ponzi scheme that has allegedly defrauded more than 60 investors of $4.1 million.
The New Zealand authorities recently charged a couple with running a Ponzi scheme that has allegedly defrauded more than 60 investors of $4.1 million. The report said some celebrities also became the victims of this scam. Many investors lost money to this couple and their associated businesses, and the Serious Fraud Office (SFO) is investigating the issue.
(Aroha and Alex Tuira)
Thomas Alexander Tuira, who also goes by Alex Tuira, and Aroha Awhinanui Tuira, are currently facing a combined total of 115 charges related to obtaining funds by deception. The Serious Fraud Office (SFO) released a statement on Tuesday detailing the allegations against the couple. They operated under the guise of experienced investors, claiming to manage funds and provide financial advice and literacy training through their companies, Ngākau Aroha Investments Limited and Power To Me Aotearoa Tapui Ltd.
The SFO's investigation reveals that between 2014 and 2021, the defendants exploited the trust placed in them by their clients. Rather than investing the funds as promised, they diverted the money to pay off other investors, using a scheme similar to a Ponzi scheme or utilizing it for their personal and business expenses.
Following the emergence of these allegations in 2021, Alex Tuira broke his silence and reached out to shareholders via email. The email included a series of bullet points explaining that the expected returns on shareholders' investments had not materialized due to a variety of reasons.
This communication led to unrest among shareholders and prompted the couple to perceive unjustified attacks on their reputation. Consequently, they lodged a complaint with the SFO to address the allegations brought against them.
In June 2021, a group of dissatisfied shareholders joined forces and composed a letter of complaint, which was forwarded to the SFO. The letter outlined concerns regarding the couple's involvement in an alleged fraudulent scheme.
At that time, the group estimated that the amount of money involved in the alleged deception ranged from $3 million to $5 million, accumulated over a period of two to three years. The scheme affected over 40 individuals who had invested with the couple.
Both Thomas Alexander Tuira (Alex Tuira) and Aroha Awhinanui Tuira have pleaded not guilty to all charges. They have been granted bail and are scheduled to appear in court on July 20.
