A Christchurch couple have been sentenced for their roles in a Ponzi scheme involving nearly $4 million and more than 55 investors – primarily from Māori communities.
Thomas Alexander Kokouri Tuira, also known as Alex Tuira, was today sentenced in the Christchurch High Court to six years and four months' imprisonment following successful prosecution by the Serious Fraud Office. The Court imposed a minimum period of imprisonment, requiring Tuira to serve 45% of his sentence before being eligible for parole.
His co-defendant, Aroha Awhinanui Tuira, was sentenced to five years and two months in prison.
The pair – who were married at the time of the offending – pleaded guilty in August to two representative charges of obtaining by deception.
Between May 2014 and May 2021, the pair deceptively obtained $3.9 million through 106 transactions in relation to businesses Ngākau Aroha Investments Limited, Power to Me Tapui Aotearoa Limited and Mai Gold Limited.
"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 SFO said.
"Instead, they used a Ponzi-type arrangement, paying some investors with funds from others and spent money on personal expenses."
The Tuiras primarily targeted Māori communities, developing close personal relationships with investors – many of whom had limited prior experience with investing – before "exploiting these trusted relationships".
An investigation was launched into the pair in 2021.
"Ponzi schemes cause deep and lasting harm to victims, many of whom lose not only their money but also 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," SFO director Karen Chang said.
"Fraud which abuses relationships and connections to a particular community can be especially destabilising to social fabric and damaging to trust. This case shows the harm that can occur when that trust is exploited and why this type of offending is a strategic area of focus for the SFO."
The Serious Fraud Office thanked witnesses and victims who came forward as part of the investigation.
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