20 May 2001

No Financial Relief For Investors From Jaffe’s Imprisonment-Peters

“The four year prison sentence handed down to Eric Isadore Jaffe, for swindling $2.6 million from a number of retired people, many of whom reside in Tauranga, does little to restore their faith in the ability of the Commerce Commission, which through its inaction, allowed this individual to prey, unscrupulously, upon the financial inexperience of innocent people with such disastrous consequences, said New Zealand First Leader and Member for Tauranga, Rt Hon Winston Peters.

“Had the Commission been prepared to act more timely and decisively, as my office repeatedly requested that it do, some of the individuals hurt, may have had a chance, albeit a small one, of regaining some or all of their lost investment, suggested Mr Peters.

“The despicable act of swindling the retirement savings from elderly, in the manner which Jaffe did for his own enrichment, was deliberately calculated to ensure he alone profited handsomely, and that some investors are living a life of poverty after he had cleaned them out, Mr Peters said.

“Jaffe seriously misrepresented his abilities and the value of his “Industrial Banking Corporation”, and its claimed “intellectual property”, solely to inveigle prospective investors into parting with their hard earned savings.

I am pleased that for the period of time that he is imprisoned, others will not fall prey to the insidious antics of this con man , but like the investors who had their savings stolen from them, I too remain disappointed, that the Commerce Commission, and the Minister in charge, Hon Paul Swain, refused to act to assist those effected, after repeated pleas to do so.

Even at this late stage, it would be pleasing to see the Commerce Commission willing to assist investors, in any way possible, to regain some of their lost savings, concluded Mr Peters.

ENDS

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