Home detention for property developer Friedlander

MATT NIPPERT
Last updated 10:28 17/12/2012

Relevant offers

National business

Man crushed, killed by truck ramp in Hornby, Christchurch Apologetic thief leaves note to cafe owner Richard Branson injured by stingray during swim in Cayman Islands Port Nicholson Block Settlement Trust fails to sell Shelly Bay to Wellington Company Kiwis have failed to learn the lessons of their debt gorging ways Kirk Hope outlines his Business NZ plans Stonewood Homes in 'final stages' of reinvestment Coca-Cola's smaller cans may trick us into drinking more Frankton after Forlongs: The future looks bright for top retail site Buy this beach: What you need to know

An Auckland property developer who attempted to hoodwink creditors and escape bankruptcy has been sentenced to seven months' home detention.

Marcus Friedlander, 58, pleaded guilty in August to 22 charges brought by the Serious Fraud Office of forgery, using a document to defraud and perverting the course of justice.

In sentencing him today in the High Court at Auckland, Justice John Priestley said the offending related to the manufacture of $10 million in false loans in 2002 and 2003 as Friedlander faced the prospect of bankruptcy.

“The prisoner, at the time a property developer in his 40s, nefariously attempted to stave off bankruptcy by putting false information before his creditors,” Justice Priestley said.

The plot failed and Friedlander was bankrupted in 2003 owing $41m.

Justice Priestley said while the charges were serious, Friedlander was entitled to a significant discount as he was co-operating with the SFO as part of an investigation into legal figures.

Robert Hucker, acting for Friedlander, said his client was not the mastermind of the false loans scheme, “which was designed by solicitors assisting Mr Friedlander at the time”.

The law firm at the centre of the SFO investigation is subject to a permanent suppression order.

Friedlander's co-accused, Ralph Vuletic, pleaded guilty to similar charges and was last month sentenced to nine months' home detention.

Friedlander, who receives a sickness benefit, will serve his sentence at a guest house in Auckland's eastern suburbs.

“He is clearly suffering from depression, severe anxiety and, in recent times, despair,” Justice Priestley said.

Conditions of the sentence include restriction on Friedlander's employment. "One mightn't want him returning immediately to the business of property development," the judge said.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content