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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news