Two people have been charged in relation to a Serious Fraud Office investigation alleging they were involved in a $4.1 million Ponzi scheme involving more than 60 investors.
The Serious Fraud Office (SFO) announced on Tuesday that Thomas Alexander Kokouri Tuira (also known as Alex Tuira) and Aroha Awhinanui Tuira each face 115 charges of obtaining by deception.
They have pleaded not guilty to all charges and have been remanded on bail. Their next appearance is scheduled for July 20, at Christchurch District Court.
The SFO said the couple claimed to be experienced investors who managed funds as well as offering financial advice and financial literacy training through their companies Ngākau Aroha Investments Limited and Power To Me Aotearoa Tapui Ltd.
“The SFO alleges that 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.”