Discharged bankrupt Shane Wenzel has been found guilty of eight charges relating to what the Serious Fraud Office described as an elaborate mortgage fraud.
The self employed business coach, who is disqualified from running a company, encouraged home buyers to apply for mortgage finance based on inflated purchase prices for south Auckland properties.
On occasions, false letters of employment and false statements of income for the borrowers were used.
The dishonest loan applications were made during the significant upturn in the property market between May 2003 and October 2004.
Wenzel faced 19 Crimes Act charges brought by the SFO, including using documents dishonestly with an intent to obtain a pecuniary advantage and using a document with intent to defraud.
Today in the Manukau District Court he was found guilty on eight of the charges.
He also faced one charge under the Serious Fraud Office Act of failing to comply with a notice issued by the SFO. He was found not guilty on this charge.
Wenzel is due to reappear in the Manukau District Court for sentencing on November 23.
- © Fairfax NZ News
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