No parole for fraudster who ‘stole victim’s life’

A businessman who fleeced seven people out of $1.3 million and is teaching his fellow prisoners French will remain in jail for now.

Ian Ludwig, pictured, appeared before the Parole Board last month after being sentenced to four years and nine months in jail on seven fraudrelated charges.

Ludwig, a franchisee of New Zealand Homes Loans, convinced friends to invest but spent the money on gambling, properties and holidays.

At his sentencing, a victim, who worked in a war zone, said Ludwig had stolen her life savings and she compared his offending to a rape.

Another, who lost $400,000, said she felt betrayed by a one-time friend.

Ludwig’s lawyer told the board his risk of reoffending was considered to be low. ‘‘Mr Ludwig wrote to the board, recognising his victims suffered huge losses,’’ according to the report. ‘‘Whilst he had did not go so far as to acknowledge in his written submissions that those losses were due to his deception and dishonesty, he frankly conceded that in the course of the hearing with us today.’’

But declining his parole, the board said risk-management strategies were needed. He will be seen again in February.