Howick and Pakuranga Times, July 25, 2019

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Howick and Pakuranga

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AWARD-WINNING VOICE OF THE COMMUNITY – NZCNA Thursday, July 25, 2019

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Vol 48, No 29

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Eric Koh is on fire selling East Auckland. Eric Koh AREINZ M: 021 388 383

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Direct Freephone: 09 929 4433 E: e.koh@barfoot.co.nz www.barfoot.co.nz

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Need nurturing childcare or rewarding work? We’d love to chat to you today! – please contact Stephany on 0800 78 33 78 or stephany@stemsfromhome.co.nz

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Howick & Pakuranga Times editor Nick Krause captured this shot earlier this week from a reserve at Highbrook Business Park. It took a few months to await a full tide on Tamaki River, with no wind and the correct morning light. The white building on the left of the image across the water is the Otahuhu Badminton Club. Meanwhile, winter is still with us although the start of spring on September 1 isn’t that far away. The spring equinox (when day and night are of equal length) however falls on September 23.

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Ponzi scheme broker jailed for six years A

Good Home's new B&B addition P12-13

Half Moon Bay foreign exchange broker who defrauded his clients of more than $7 million has been sentenced to six years and three months’ imprisonment. He is to serve a minimum period of imprisonment of two years and 11 months. Kelvin Clive Wood (70) was sentenced yesterday (Wednesday, July 24) at the Auckland District Court on representative charges of

‘Obtaining by deception’ and ‘Theft by person in a special relationship’ brought by the Serious Fraud Office (SFO). Wood created a Ponzi scheme after his foreign exchange brokerage began to suffer net trading losses, the SFO said in a media statement. He used new investors’ funds to pay other investors their reported gains or to refund investment prin-

National is here to help the people of Botany If you need assistance please call 0800 628 268 or email botany.electorate@national.org.nz

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Authorised by Greg Hamilton, 41 Pipitea St, Wellington.

cipal. None of Wood’s clients were aware that their funds were being used to repay other investors. More than $7m of investment principal belonging to 18 investors was lost by the defendant over an eight-year period. The defendant knowingly reported fictitious profits and false or inaccurate foreign currency trades to investors. The acting director of the SFO, Rajesh Chhana, said, “Mr Wood

earned the trust of a group of investors through his personal and professional association with them. His breach of that trust is reflected in the sentence imposed today. The prosecution of such matters holds to account those who fail to conduct business in accordance with the expectations of a reputable market.” The Financial Markets Authority referred the case to the SFO to investigate in May 2017.


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