Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Jaffe Imprisonment: No Relief For Investors

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

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Crowdsale And Crowdfunding Campaign: Help Create The Future Of Independent News

Two weeks to go! The Scoop 3.0 plan aims to create NZ’s first community-owned, distributed news and media intelligence ecosystem in 2019. We believe this ScoopPro media monetisation approach can be scaled and spread globally to support local and independent news efforts in regional New Zealand and around the world.

Scoop is an ecosystem, it would not exist without those who contribute to it, read it and rely on it for professional media purposes. Generous past support from this ecosystem has enabled us to come this far in developing our business model. Support our PledgeMe Campaign>>

 

14/11: Two Years’ Progress Since The Kaikoura Earthquake

Mayor John Leggett said it was a day for reflection, but also a time to recognise the work by many people to support progress towards recovery made across Marlborough since November 2016. More>>

ALSO:

Pike River: Mine Drift Re-Entry Plan To Proceed

“I’ve decided the Te Kāhui Whakamana Rua Tekau Mā Iwa - Pike River Recovery Agency, recommended course of action to enter the drift, using the existing access tunnel, is by far the safest option,” said Andrew Little. More>>

ALSO:

Appointments: New High Commissioner To Australia Announced

“Dame Annette King needs no introduction given her long running career as a parliamentarian where she has previously held a number senior Cabinet portfolios, including Justice, Police and Health. She also was Parliament’s longest serving female MP with 30 years’ service,” said Mr Peters. More>>

ALSO:

Two Years Since Kaikoura: Silvia Cartwright To Lead Inquiry Into EQC

“The inquiry will be the first of its kind under the Public Inquiries Act 2013 and will have all the powers of a Royal Commission, be independent of Government and make its report directly to the Governor-General. More>>

ALSO:

Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care. More>>

ALSO:

Cases Delayed: Court Staff Refuse To Handle Sentencing Papers

Dozens of court cases have reportedly been delayed, as court staff escalate industrial action at two Auckland courts by enforcing a ban on handling sentencing papers. More>>

ALSO:

Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>

ALSO:

"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels