Swindlers fabricated an alliance with Michael Jordan to initiate a multi-million dollar Ponzi scam
New Zealand Couple Plead Guilty to Running $4 Million Ponzi Scheme
A New Zealand couple, Thomas Alexander Kokouri Tuira, known as Alex Tuira, and his wife Aroha Tuira, have admitted to running a $4 million Ponzi scheme over a seven-year period. The scheme, operated under their company, Ngākau Aroha Investments Limited, based in Christchurch, lured 61 investors into funding nonexistent projects.
The couple falsely claimed personal connections to NBA legend Michael Jordan and motivational speaker Tony Robbins to build trust and credibility. They promised high returns from projects ranging from housing developments to a sports stadium allegedly commissioned by Jordan. However, in reality, none of the money was invested; instead, the funds were used to pay earlier investors and bankroll the couple's lifestyle.
The Ponzi scheme relied heavily on namedropping Michael Jordan and others. Alex Tuira often projected PowerPoints filled with high-profile names during pitches, claiming they were personal mentors. The deception unraveled after investors repeatedly sought to withdraw their money, triggering scrutiny and investigation by the Serious Fraud Office (SFO) in late 2021.
The SFO found that the NAIL was insolvent from 2017 onwards. The investigation was formally opened after multiple investor complaints, including from former Ngāi Tahu chairperson Sir Mark Solomon. By mid-2021, requests for withdrawals surged, and an April 2019 warning from their accountant noted that the returns seemed to be funded by new investors, potentially indicating a Ponzi scheme.
When pressed for withdrawals, the couple offered various excuses, including illness, delays with clearing funds, and legal problems. Of the $4.7 million received by the couple and their companies, $1.4 million was used to pay off other investors, $500,000 was spent on travel, $478,000 was used for personal spending, and $270,000 was spent on rent.
Aroha Tuira was described as actively engaging in the Ponzi scheme, attending pitch meetings, prompting her husband during presentations, and co-signing agreements. Both Alex and Aroha Tuira admitted two representative counts of obtaining by deception. The Serious Fraud Office claims the money was used to pay earlier investors and cover the couple's personal expenses.
In May 2023, the SFO laid charges, and the pair were set to stand trial. However, Alex pleaded guilty before it began, with Aroha following on Monday. The court documents state that not a single dollar was invested, and in reality, neither Tuira had any link to Michael Jordan, Tony Robbins, or other wealthy figures they claimed as mentors.
The couple's guilty pleas mark the end of a seven-year ordeal for the victims of the Ponzi scheme. The SFO will now work to recover the stolen funds and bring justice to those who were deceived.
- The Serious Fraud Office (SFO) is working to recover the stolen funds and bring justice to victims, following the guilty pleas of the New Zealand couple who ran a $4 million Ponzi scheme.
- The SFO claimed that the money from the Ponzi scheme was used to pay earlier investors and cover the couple's personal expenses, not for the sports stadium or housing developments they promised.
- During pitches for their Ponzi scheme, Alex Tuira often showed PowerPoints filled with high-profile names, claiming they were personal mentors like Michael Jordan and Tony Robbins, but these claims were false.
- Despite promising high returns from various projects such as sports stadiums and housing developments, not a single dollar was invested in these projects; instead, the money was used to fund the couple's lifestyle, travel, and to pay off other investors.
