Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

SFO investigation results in early guilty plea

Media Release

16 January 2013

SFO investigation results in early guilty plea

Glenn William Cooper (39) plead guilty in the Manukau District Court today to charges laid by the Serious Fraud Office (SFO) late last year.

Mr Cooper was facing five charges of dishonestly using a document following an SFO investigation into the property developer’s activities. This investigation focussed on five property transactions over the period July 2011 to September 2011.

Mr Cooper purchased properties at mortgagee sale (using one of the companies he was involved in, or via associates) and then onsold these properties to investors who were under pressure to consolidate debt. All of the transactions that are the subject of the charges involve members of one family. False Sale & Purchase Agreements (concealing his interest in the properties from the banks and investors) and misleading Loan Application Forms were prepared by Mr Cooper and submitted to the banks. The quantum of the offending is approximately $800,000.

Acting Chief Executive for the SFO, Simon McArley describes the case as an example of preying on investors who needed budgeting advice and realistic solutions rather than a scenario of further debt.

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

Mr Cooper is remanded on bail and will be sentenced on 8 March 2013.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: