BY JENNIFER KUSAPA
PRINCIPAL Magistrate Felix Hollison will deliver his sentence on the case against Charles Dora on October 8 after sentencing and mitigation submission was made yesterday in court.
Mr Dora has been found guilty of one count unlicensed financial institution under the financial institution act of 1998.
Public Prosecutor Vernon Taupongi and defence lawyer Martha Behulu made their submissions yesterday before Magistrate Hollison.
Ms Behulu in her submission on behalf Dora told the court that her client is a family person who has three children to look after.
She said that Dora is the only bread-winner for his family as his wife is medically ill and cannot support the family.
Behulu also said that her client has already spent three months in custody since his arrest in June this year.
Prosecution said on July 4, 2019, Dora registered a money scheme One-link Pacifica and OLP was not a company incorporated under the Companies Act or established abroad, or a body corporate and Dora is the Director.
Prosecution also said during the course of the operation, Dora had three banks’ accounts at the three commercial banks, despite not having a license or an approval from the Central Bank the accused carried on a banking business, he took and received money from members of the public.
However, between the period of December 2019 to March 2020, customers or investors did not receive any form of payment as promised by Dora.
One link Pacifica scheme was described as sharing resource; however, it is a Ponzi scheme, the essence of the scheme is that investors give money towards the company, on promise there will be a higher return after 30 days of investment, the creator of the scheme then used recruiting agents (mentors) for people to come along and invest their money through them.