Ferrari-driving property hotshot guilty of fraud
A property developer who gained infamy as a Ferrari-driving 22-year-old who attempted to evict pensioners from their homes has pleaded guilty to fraud charges.
In the High Court at Auckland today Ralph Vuletic, now 31, pleaded guilty to three charges brought by the Serious Fraud Office of forgery, obtaining pecuniary advantage using a document and attempting to pervert the cause of justice.
The offending related to the manufacture of documentation for a number of false loans in 2002 and 2003 to enable insurance broker Marcus Friedlander to avoid bankruptcy by voting for his own creditors' compromise.
The plot failed and Friedlander was bankrupted in April 2003 owing $10 million.
Vuletic's co-accused Friedlander pleaded guilty in August and will be sentenced in December. Vuletic is to be sentenced on November 29.
Acting SFO chief executive Simon McArley said the pair "executed an elaborate scheme to avoid Friedlander's bankruptcy and short-change his creditors. The SFO believes that bringing this behaviour to account goes some way to restoring confidence in the New Zealand legal system, and particularly the fairness of the insolvency regime."
Vuletic burst onto the Auckland property scene in 2002 associating with well-known, and now fallen, property developers David Henderson, Andrew Krukziener and Nigel McKenna.
He again caught the public eye in 2006 when he attempted to evict 11 residents from pensioner flats in Orewa in order to redevelop the properties.
The Tenancy Tribunal ordered Vuletic to pay $12,000 to each of the residents after it ruled he failed to complete reasonable maintenance work and served illegal eviction notices.
- © Fairfax NZ News
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