Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search


Mortgage fraud guilty verdicts

2 September 2015

Mortgage fraud guilty verdicts

The jury in the Serious Fraud Office (SFO) trial of Vicki Ravana Letele yesterday reached verdicts in the Auckland District Court.

Ms Letele faced 11 charges under Section 228 of the Crimes Act for dishonestly using a document. The charges related to 11 property transactions undertaken during the second half of 2010, the total value of the fraud being $3.9 million.

Ms Letele was found guilty on 10 charges and not guilty on one charge.

The SFO prosecution established that Ms Letele conspired with an associate, Ramni Kumar, to obtain mortgage finance for low income families who would not otherwise have been able to obtain finance, by using false documentation. This mortgage finance was used to purchases properties from interests related to Ms Letele and Ms Kumar, generating a profit for them.

SFO Director, Julie Read said, “Vulnerable investors are often targeted by those who are aware of their inexperience in dealing with significant financial transactions. It is important wherever possible to obtain advice from reputable advisers and institutions. The SFO hopes that this verdict demonstrates that nonetheless serious financial crime in the lending environment will be discovered and prosecuted.”

Ms Kumar entered a guilty plea in January and was sentenced to 12 months on home detention and 250 hours of community work.

Ms Letele has been remanded on bail and will be sentenced on 3 November.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Implications Of The Travel Bubble

Amidst the coverage of the hugs and kisses and reunion tears one hates to be a killjoy… But there has been little attention paid to the pattern of travel we’re likely to see with the Trans-tasman bubble. Clearly, there has been a lot of pent-up demand for the Visiting Friends and Relatives (VFR) kind of travel which – while welcome on humanitarian grounds - will be of less benefit to our ailing tourism industry than say, holiday excursions and high-end business travel... More>>


Government: Border Exceptions Will See More Families Reunited

Hundreds more families who were separated by the border closure will be reunited under new border exceptions announced today, Immigration Minister Kris Faafoi said. More>>


National: Proposed Hate Speech Laws A Step Too Far

Reports of the Government’s proposed new hate speech laws go a step too far and risk sacrificing the freedoms New Zealanders enjoy, National’s Justice spokesperson Simon Bridges says. “The reforms are supposedly including protections to every ... More>>


Agriculture: Government To Phase Out Live Exports By Sea

The Government has announced that the export of livestock by sea will cease following a transition period of up to two years, said Agriculture Minister Damien O’Connor. “At the heart of our decision is upholding New Zealand’s reputation for high ... More>>


PM Ardern And PM Morrison: Commencement Of Two-Way Quarantine-Free Travel Between Australia And New Zealand

Joint Statement by Prime Ministers Scott Morrison and Jacinda Ardern Commencement of two-way quarantine-free travel between Australia and New Zealand Today, Australia and New Zealand have fulfilled their commitment to establish two-way quarantine free ... More>>

Claire Breen: ACC’s Policy Of Not Covering Birth Injuries Is One More Sign The System Is Overdue For Reform

Claire Breen , University of Waikato Recent media coverage of women not being able to get treatment for birth injuries highlights yet another example of gender bias in healthcare in New Zealand. More>>

Police: Police Accept Findings Of IPCA Report Into Photographs Taken At Checkpoint

Police accept the findings of a report by the Independent Police Conduct Authority (IPCA) relating to photographs taken at a checkpoint in Northland. On November 16, 2019, Police set up a checkpoint down the road from a fight night event in Ruakaka ... More>>





InfoPages News Channels