A man has admitted his role in a nearly $4m Ponzi scheme that spanned seven years.
Thomas Alexander Kokouri Tuira, known as Alex Tuira, and Aroha Awhinanui Tuira were charged in May 2023 by the Serious Fraud Office on 115 counts of obtaining by deception.
The couple were scheduled to have their judge-alone trial in the High Court at Christchurch begin this week.
On Thursday, Thomas Tuira appeared before Justice Jonathan Eaton and pleaded guilty to two representative charges. The remaining charges were dropped.
His wife, Aroha Tuira, will have her trial continue on Monday.
The charges state between May 2014 and May 2021 he obtained, by deception possession of, or control over property directly or indirectly namely 104 transactions totalling $3.9m.
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Charging documents said he “used a fraudulent device, trick or stratagem” where he presented as a “successful, well-connected” businessman who was investing funds and generating returns on behalf of investors when he was not.
The list of transactions related to the following businesses – Ngakau Aroha Investments Limited, Power to Me Tapui Aotearoa Limited and Mai Gold Limited.
After they were charged the SFO alleged the pair claimed to be experienced investors who managed funds as well as offering financial advice and financial literacy training through two companies, Ngākau Aroha Investments Ltd and Power To Me Aotearoa Tapui Ltd.
“Between 2014 and 2021 the defendants exploited their clients’ trust to obtain funds which were not invested legitimately, but instead used to pay other investors in a Ponzi-type scheme or used for personal and business expenses,” the SFO said in a statement.
It said the pair had obtained funds from more than 60 investors.
The SFO started an investigation in 2021 into the couple and the companies.
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