Image Credit- www.interest.co.nz
The Auckland foreign exchange broker with an self esteem once invested sums of up to $200 million has been imprisoned for running a Ponzi scam which defrauded his clients of millions of dollars. The Kelvin Clive Wood was this morning in the Auckland District court by Judge Robert Ronayne on two representative charges of obtaining by dishonesty and theft by individual in a special relationship.
The 70 year old was imprisoned for six years and three months, which the The 70-year-old was jailed for six years and three months, while the arbitrator also forced a least period of imprisonment of two years and 11 months. For Ponzi scheme he ran between 2010 to 2017 the Serious fraud Office(SFO) charged wood when his overseas exchange Brokerage started to suffer net trading losses.
The wood used new investors finances to pay other investors their reported gains or to refund investment principal. None of wood’s customers, were conscious about their capital were being used to repay other investors. The Forex NZ ltd and Forex NZ 2000 Ltd were the trading names of wood’s foreign exchange the brokerage, which in addition had wood’s son Adam wood as a shareholder director until 2015.
The Court heard at present that some $22.5 million was invested with wood over in a seven year duration, with additional than $7m of investment principal belonging to at least 18 investors lost. The Wood’s clients invested money with him for fixed interest term deposits, the acquire of foreign currency, general investment and foreign exchange trade considerations. All the investors identities were everlastingly concealed by Judge Ronayne today, and he stated three victims have suffered losses beyond a million dollars, one losing $1.7m
An elderly victim stated that her life reserves were destroyed and recalled when wood was confronted he made an discourteous comment about being considered of facing a possible prison term. The Woman stated that she had to face the rest of our future financial commitments with no financial backup.