Malcolm Mayer has been sentenced to to six years' imprisonment for orchestrating a $47 million mortgage fraud.
The former Auckland property developer was found guilty in December last year of 16 charges, brought by the Serious Fraud Office, of dishonestly using a document and 10 charges of using forged documents.
Mayer will have a three year minimum non-parole period, but his original seven year sentence was discounted due to his good character by Judge Brooke Gibson in Auckland District Court today.
Mayer used false loan applications submitted to fund management company Trustees Executors Limited (TEL) for 26 properties in and around Auckland, between December 2003 and August 2007.
The SFO said he used various methods to mislead TEL into lending the money, including dishonestly using relatives' and associates' names, using false sale and purchase agreements and false leases, and making false statements about the supposed applicant's deposit or contribution to the purchase.
"Mr Mayer's sentencing should give those seeking mortgage funding some confidence that criminals who use dishonest means in attempts to beat the system and subsequently pass on the costs to honest borrowers, will be caught and held to account,'' SFO director Julie Read said.
- Fairfax Media