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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news