Investor admits frauds and thefts totalling $467,000

A man who claimed successes investing in foreign markets has now admitted frauds and thefts totalling $467,326 among people he persuaded to invest with him.

The police say Alexandre Firioubine spent years living beyond his means by spending the invested funds and paying his victims "dividends" which were actually payments from their own money.

All of the offences occurred in Auckland from 2006 to 2008.

The 27-year-old Russia-born man now lives in Avonside, Christchurch, with his partner and two-year-old son.

He pleaded guilty in Christchurch District Court today to 10 charges of obtaining by deception and theft by a person in a special relationship.

Judge Gary MacAskill remanded Firioubine on bail to a Crown sentencing session on October 30.

In the summary of facts one of his victims invested her retirement savings with him and he paid her back instalments of her own money for several months, but none of the money was invested as arranged.

He then used the woman as an example of his successful foreign exchange investments and misled friends and family into investing.

One woman invested her savings of about $210,000 with him to provide a weekly income of $550. He invested some of the money but lost it all and made her payments totalling about $21,000.

He used the remaining $98,455 for living expenses.

The police summary said one victim flew to Auckland in August last year to confront Firioubine. He eventually confessed that he had lost all the money and that he had been lying to everyone.

- NZPA