Photo: RNZ / Nate McKinnon
A Christchurch couple has been charged by the Serious Fraud Office for allegedly running a $4.1 million Ponzi scheme.
Thomas Alexander Kokouri Tuira, known as Alex Tuira, and Aroha Awhinanui Tuira each pleaded not guilty to 115 counts of obtaining by deception.
The SFO said 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, whose clients had included the former chair of Te Rūnanga o Ngāi Tahu, Sir Mark Solomon.
The pair have been remanded on bail to reappear in the Christchurch District Court on 20 July.