Alexander Kokouri Tuira and his former partner Aroha Awhinanui Tuira were sentenced at the High Court at Christchurch on Thursday. Photo: RNZ / Nate McKinnon
A Christchurch couple have been jailed for operating a Ponzi scheme that defrauded 55 investors of nearly $4 million.
At the High Court at Christchurch on Thursday, Thomas Alexander Kokouri Tuira was was sentenced to six years, four months and the court ordered he must serve 45 percent of his sentence before being eligible for parole.
His former partner Aroha Awhinanui Tuira was sentenced to five years, two months imprisonment.
The couple had earlier pleaded guilty to two representative charges of obtaining by deception.
The pair targeted Māori communities over seven years between 2014 and 2021, paying some investors with funds raised from others, and spending the rest on themselves.
Thomas Alexander Kokouri Tuira, known as Alex. File picture. Photo: LINKEDIN
Between May 2014 and May 2021, the pair deceptively obtained $3.9 million through 106 transactions.
"They presented themselves as experienced, well-connected investors who could deliver returns for clients, when in reality they did not invest funds or operate an investment business," the Serious Fraud Office said in a statement.
Many of the victims of their offending had limited prior experience in investing and the pair developed close personal relationships with investors before exploiting them.
SFO director Karen Chang said Ponzi schemes caused lasting harm to victims who lost not just their money but potentially their trust in others.
"The guilty pleas meant those affected were spared the stress of a trial, and today's sentences hold the offenders to account for the significant harm they caused."
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