Couple Charged for $4.1M Ponzi Scheme

Ponzi

A Christchurch couple have been charged by the Serious Fraud Office (SFO) for allegedly tricking more than 60 investors out of $4.1 million. The scheme was a Ponzi scheme, where money taken from new investors was used to pay previous investors.

Ponzi

Alex Tuira and Aroha Awhinanui Tuira are both accused of 115 counts of fraud. They pretended to be experienced investors and gave financial advice and training through their businesses.

The SFO claims that the defendants abused their customers’ confidence from 2014 to 2021 by not using the funds they obtained for legitimate investments, but rather to pay other investors in a Ponzi-type scheme or for their own personal or business purposes. They have denied all allegations and have been released on bail. They will appear in the Christchurch District Court on July 20th, 2023.

Read more: FINRA Bans SW Financial | Brokers Times

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