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

PM's Press Conference: Pike Re-Entry Agency

At today's post-cabinet press conference Prime Minister Jacinda Ardern was joined by Minister Responsible for Pike River Re-entry Andrew Little to announce plans for the new agency for re-entry of the mine.

The Pike River Recovery Agency, Te Kahui Whakamana Rua Tekau ma Iwa, will be officially established on 31 January 2018 and will work with the Pike River families with the intention of manned entry of the drift before March 2019. More>>

 

Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>

ALSO:

Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>

ALSO:

Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>

ALSO:

Train Free Thursday: Workers Strike To Defend Terms Of Employment

"They signed up to these conditions a year ago when they got the contract for Wellington's rail services. Now they're trying to increase profits by squeezing frontline workers." More>>

ALSO:

Seclusion: Ombudsman Emphasises Importance Of Monitoring

Disability Rights Commissioner Paula Tesoriero says that while there have been changes to the Education (Update) Amendment Act 2017 to prohibit the use of seclusion, the report is an important reminder of the importance of regular monitoring of schools. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election