Jail for mortgage fraudster

Last updated 11:12 14/12/2012

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Mortgage fraudster Shane Charles Wenzel has been sentenced to three years in prison.

The 51-year-old was found guilty of eight charges in October of using documents dishonestly with intent to obtain a pecuniary advantage, and using a document with intent to defraud.

The charges relate to offences committed before October 2003 and follow a Serious Fraud Office (SFO) investigation.

Wenzel was involved in making dishonest loan applications for the sale and purchase of properties in South Auckland during the significant upturn in the property market between May 2003 and October 2004.

“Crimes of this type have a big impact on vulnerable investors," acting SFO chief executive Simon McArley said. "The loss of their investment funds will have irrevocably changed their lives. We remain deeply concerned for all his victims.”

Australian-born Wenzel was a self-employed Auckland business coach. He is also a discharged bankrupt and at the time of the offending was prohibited from managing or controlling any business without the consent of the Official Assignee.

He encouraged individuals to apply for mortgage finance based on inflated purchases prices. Sometimes false letters of employment and false statements of income for the borrowers were used.

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- BusinessDay.co.nz

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