Two men have been found guilty of fraudulently obtaining a large bank loan to build an Auckland inner-city apartment block
Two men have been found guilty of fraudulently obtaining a large bank loan to build an Auckland inner-city apartment block
31 July 2018
The SFO took the prosecution against property developers Leonard Ross and Michael Wehipeihana .
They were convicted at the High Court in Auckland today after a jury trial.
The SFO says the pair made false statements, and used forged documents, to get a 41-million dollar development loan from ANZ.
Their company, Emily Projects Limited, borrowed the money to build the Waldorf Celestion Apartment Hotel.
The office says it's committed to investigating and prosecuting this kind of offending - to maintain the integrity of the mortgage market for the benefit of honest borrowers
Ross and Wehipeihana have been remanded on bail ahead of sentencing in September.
Two other men involved in the scheme - including a lawyer - are serving home detention.
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