An Auckland foreign exchange broker will spend at least two years and 11 months in prison, after defrauding clients of millions
An Auckland foreign exchange broker will spend at least two years and 11 months in prison, after defrauding clients of millions
24 July 2019
Kelvin Wood created a Ponzi scheme between 2010 and 2017, after his brokerage began to lose money.
The 70-year-old's been sentenced today, where the court heard some 22.5-million-dollars was invested with Wood over the seven years.
All investors' names have been suppressed, but Judge Ronayne says one alone lost 1.7-million-dollars.
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