A Christchurch couple is facing Serious Fraud Office charges for allegedly running a $4.1 million Ponzi scheme using funds obtained from more than 60 investors, the SFO has announced today.
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 20 July 2023 at Christchurch District Court.
Mr and Mrs Tuira 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.