Aucklander Simon Turnbull finally appeared in court today to admit his part in a multi-million dollar fraud case.
Turnbull pleaded guilty to 16 charges of “obtaining by deception or causing loss by deception” under the Crimes Act, which were laid by the Serious Fraud Office (SFO).
The charges, which date back to a period between September 2006 and August 2007, relate to Turnbull’s involvement in a mortgage fraud.
The fraud involved false loan applications being submitted to a fund management company to purchase 16 properties in and around the Auckland region.
Charges against Turnbull were initially laid in November 2014, but he failed to appear at his first court date.
He then spent time living overseas, but was arrested at Auckland International Airport when he returned to New Zealand in June this year.
SFO director Julie Read said that mortgage fraud is taken seriously by the SFO.
“In a housing market which has enough challenges for the honest buyer, further costs to borrowing because of other people’s dishonesty is not acceptable.”
She said the SFO welcomed Turnbull’s guilty plea.
Turnbull will be sentenced in November. The charges he pled guilty to carry a maximum penalty of three years' in jail.
Property developer Malcolm Mayer was sentenced to six years’ imprisonment for his role in the fraud in February 2014.
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