March 01, 2022
Plea change in iwi crypto scam
A south Taranaki iwi is $3 million down after a former asset holding company director blew the money on cryptocurrency trading and high living.
In the High Court at Whanganui last week, 58-year-old Te Whitinga Mark Huirua pleaded guilty to defrauding Ngā Rauru Kītahi, and he’ll be sentenced next month.
The court heard Huirua became a director of Te Pataka o Rauru in 2016 when he was working in Australia for the National Australia Bank.
Acting on his advice the company shifted from a largely conservative investment strategy to more direct investment, giving him authority to actively manage direct investments worth up to $26m.
In one case staff thought they were transferring money to a large reputable Australian financial institution when it was actually a company with a similar name set up by Huirua.
Iwi chair Mike Neho says the change of plea caught the iwi by surprise, and he’s disappointed by the publicity.
“Despite the fact he committed that fraud, he’s still got whānau. His dad was a well-respected man in our iwi and to have it throughout in the media like this is not good,” he says.
Ngā Rauru Kītahi has restructured its investment arm, and its 2021 annual report valued its total investment assets at $45.5 million, compared with the $48.9 million it thought it was worth in 2018.