Peters the lawyer is unclear on the Law
Notwithstanding Bob Jones' dissenting opinion, Peters' claims that as each of the Vela brothers and Jones are comfortable with where their funds ended up, so no fraud was entered. This not an accurate portrayal of the law.
A fraud would be committed if the party lawfully expected to receive the funds did not receive them and they instead went to another party. This might be the case with Jones and the Spencer Trust. NZ First, the party and all its members, is the loser if funds destined for it are instead diverted to the Spencer Trust without its express approval. While Jones may have no pecuniary loss - NZ First has suffered damage. Therein is the fraud. This will be where the SFO are heading. It is probably embezzlement - taking money under your control which is not yours to take. The measure is not the gain to the thief but the loss to the true owner.
Ditto the Vela money.