Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

Gold trader sentenced

Gold trader sentenced

Kairuaiti Tangata Oropai Robert Kairua (Robert Kairua) has been sentenced to three years and nine months’ imprisonment in the Auckland District Court today.

The Director of Grace Holdings NZ Limited (Grace NZ) pleaded guilty to 13 theft charges and nine false statement charges laid by the Serious Fraud Office (SFO). The SFO withdrew four theft charges and three false statement charges.

Grace NZ traded under the name BullionBuyer; its core business was said to be the trading of gold and other precious metal on behalf of investors.

Mr Kairua made false statements in brochures regarding his experience and qualifications, the nature of the trading and the insurance and storage of physical metals. At the time of its collapse, Grace NZ purportedly held investor funds of approximately $2.7 million. In fact, only $70,000 in cash was held and Grace NZ held no gold or other precious metal reserves. The majority of funds received by Mr Kairua were lost in trading – a fact which was not reported to investors thereby inducing them to maintain their investments. Mr Kairua also misappropriated funds of approximately NZ$370,000 which were spent on business and personal expenses and which were also used to repay other investors to maintain the appearance of a successful business. Some funds were also invested contrary to investor instructions.

SFO Director, Julie Read said the sentence reflects the serious abuse of trust on the part of Mr Kairua.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“The SFO protects New Zealand’s reputation as a safe place to invest and do business by ensuring that those who don’t comply with their obligations when entrusted with other people’s money are brought to justice. Investors should consider carefully whether they can afford to lose their funds when contemplating an investment which promises returns substantially in excess of those to be found elsewhere. It should always be remembered that with the promise of high returns comes high risk and, sometimes, outright fraud.”

ENDS


© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines



Gordon Campbell: On Dune 2, And Images Of Islam


Depictions of Islam in Western popular culture have rarely been positive, even before 9/11. Five years on from the mosque shootings, this is one of the cultural headwinds that the Muslim community has to battle against. Whatever messages of tolerance and inclusion are offered in daylight, much of our culture tends to be hostile to Islam when we’re sitting in the dark, with popcorn.
Any number of movie examples come to mind, beginning with Rudolf Valentino’s role (over a century ago) as the romantic Arab hero in The Sheik...
More


 
 


Government: One-stop Shop Major Projects On The Fast Track

The Coalition Government’s new one-stop-shop fast track consenting regime for regional and national projects of significance will cut red tape and make it easier for New Zealand to build the infrastructure and major projects needed to get the country moving again... More

ALSO:


Government: GPS 2024: Over $20 Billion To Get Transport Back On Track
Transport Minister Simeon Brown has released the draft Government Policy Statement (GPS) on Land Transport, outlining the Coalition Government’s plan to build and maintain a transport system that enables people to get to where they need to go quickly and safely... More

ALSO:

Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.