The persuasive charms of an elderly swindler failed to save him from a four year prison sentence for ripping off the life savings of dozens of Auckland pensioners.
Eric Isadore Jaffe convinced about 30 mainly retired elderly to part with a total of over $2.6 million by promising high returns for their investment in an Australian "banking" company he owned.
Some of his victims were in court today for the sentencing, at times crying at Jaffe's impact on their lives or quietly scoffing at the submissions put forward by his lawyer Roy Ladd.
At one point Mr Ladd suddenly sat down, threatening to not carry on unless some of the elderly women stopped laughing.
He resumed after Judge Graham Hubble suggested counsel could be expected to have thicker skin.
Jaffe, a company director, conned the investors into believing his worthless Industrial Banking Company owned intellectual property valued at about $200 million.
In March a jury found Jaffe guilty of eight fraud charges related to the elaborate hoax and today he paid the price.
In the Auckland District Court today, Judge Hubble sentenced Jaffe, aged 79, to four years prison for his "intentional and calculating" fraud.
Judge Hubble said Jaffe was highly intelligent and it was a tribute to his power of persuasion that he was able to convince people to see him in a favourable light.
He said Jaffe had taken money off the elderly which was all but gone in paying off his debts and funding a considerable amount of "world tripping" to pursue what were nothing more than pipe dreams.
"It was the worst level at which fraud could be perpetrated...aimed at pensioners and their nest eggs."
Judge Hubble said those hurt by Jaffe's tragic offending were left depressed and humiliated and he did not treat then well when they asked for their money back.
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