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.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>


Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>


More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news