Guilty plea over housing investment scam

MATT NIPPERT
Last updated 11:24 16/01/2013
Glenn William Cooper
GRAHAME COX/Sunday News
GLENN COOPER: The property developer pictured in 2011.

Related Links

Misery of heartbreak motel

Relevant offers

Money

Low deposit house hunters on the rise Home loan rate rises further off Terry Serepisos not bankrupt, will give evidence Price of fuel drops; should go further, says AA Rates hike for some Aucklanders Petrol, diesel prices fall again Run with the herd at your peril What Minecraft teaches kids about money How to survive student finances Six tips for financially fabulous kids

A property developer has pleaded guilty to defrauding an indebted Pacific Island family after playing on an affinity he had built with them.

Glenn William Cooper, 39, this morning pleaded guilty to five charges of dishonestly using a document at the Manukau District Court.

Cooper purchased properties at mortgagee sale, then onsold them for a profit to indebted families for whom he prepared misleading loan application forms.

The Serious Fraud Office charges relate to a series of transactions in the second half of 2011 involving one family and $800,000 of debt.

Acting Serious Fraud Office chief executive Simon McArley said Cooper's modus operandi relied on deceit.

"The investors were sold on a fantasy that purchasing these investment properties would successfully consolidate debt and solve their problems," he said.

"Mr Cooper played on the affinity he had built with one family in particular. This has only added to their financial strife.

"Investors need to remain aware of their vulnerability in such situations."

The SFO began investigating Cooper following articles detailing how vulnerable families and church groups had been left with massive debts following price-ramping by Cooper.

In May 2011, rugby player Haiu punched Cooper in the face, leaving him with a black eye.

Haiu, who lost $500,000 in transactions with Cooper that were not part of the SFO prosecution, was discharged without conviction following the assault.

Cooper was remanded on bail ahead of sentencing on March 8.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content