Archive | Fraud allegations

Lawyer gets home detention for Celestion project finance deception

Lawyer Timothy Upton Slack (55) was sentenced to 10 months’ home detention today for his role in getting finance for the Celestion apartments hotel project in 2008.

The development by Emily Projects Ltd (Leonard Ross) was close to not proceeding in the early days after the global financial crisis had started to impact, for lack of sales.

ANZ Bank NZ Ltd agreed to advance $41 million under an agreement signed in December 2008, provided Emily Projects had qualified presales on 80 of the proposed 127 apartments, all buyers unrelated to the developer & with cash deposits.

In the Auckland High Court today, Justice Kit Toogood said Mr Slack gave the bank several undertakings & personal assurances “that you knew were blatant lies”.

The judge said: “Although you said there was minimum risk to the bank, it was for the bank to decide that…. Deliberate & planned deception increases your culpability.” He said the bank was likely to reconsider its lending procedures.

Mr Slack made false representations that the preconditions had been satisfied. In fact, Justice Toogood said, “Emily Projects had in fact achieved few if any of those presales. The letters of acknowledgment were entirely false. In fact no deposits had been paid and no cash deposits were held.”

The judge said Mr Slack “had no idea the deposits & letters of acknowledgment were false”, but he went on to provide several false undertakings that his law firm held deposit funds in its account. The firm charged Emily Projects $488,000 in fees for its work.

The bank also didn’t lose out. The project, between Emily Place & the foot of Anzac Avenue in the Auckland cbd, was completed, the bank collected interest on its loan and the development finance was paid back.

Mr Slack pleaded guilty on 1 September to one representative Crimes Act charge of obtaining by deception. Justice Toogood said the maximum jail term was 7 years, but the agreed starting point in setting penalty was 4 years’ jail.

He told Mr Slack: “You were disciplined by the Law Society in 2005 for another misdemeanour. That disqualifies you from any discount for good character.”

However, the judge discounted the prospective jail term by 16% for remorse & future consequences and took the discount to 25% for an early guilty plea, plus 20% for the “moderate” degree of support he gave the Serious Fraud Office, which prosecuted.

Justice Toogood told Mr Slack: “Your complicity was essential to the deception [but] you did not devise the fraud scheme yourself.”

The judge also said Mr Slack’s humiliation & loss of income – and there is doubt that he will retain his certificate to practise as a lawyer – added to the discount, reducing the potential jail term to 22 months: “That means you are eligible for home detention.”

Justice Toogood did not explain how a longer jail term translated into a shorter period of home detention, but commented: “I regard your reactions to your disgrace that you have real insight into your offending & its causes and pose no risk of reoffending…. Imprisoning you would serve no useful purpose.”

Mr Slack was adjudicated bankrupt in 2013 and automatically discharged in April 2016.

The other 3 defendants in this case – property developer Leonard John Ross and 2 men who worked for him, company director Michael James Wehipeihana and self-employed consultant Vaughn Stephen Foster – will face trial on 5 June 2018.

Justice Toogood told Mr Slack: “I have made no findings at all about the guilt or innocence of your codefendants.”

Earlier stories:
3 September 2017: Celestion finance deal lawyer pleads guilty
12 April 2017: Remand on Celestion development fraud allegations
17 February 2017: SFO alleges fraud in Celestion development loan deal
8 May 2009: Ross’ Emily Projects starts work on ex-Blue Chip site

Attribution: Court sentencing.

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Celestion finance deal lawyer pleads guilty

The lawyer accused of serious fraud relating to finance for development of the Waldorf Celestion apartments hotel in 2009 pleaded guilty in the Auckland High Court on Friday to one Crimes Act charge of obtaining by deception.

Timothy Upton Slack (55) was one of 4 men charged by the Serious Fraud Office with making false statements in order to obtain a credit facility from the ANZ Bank NZ Ltd to allow Emily Projects Ltd to develop the Celestion between Anzac Avenue & Emily Place in Auckland.

The Serious Fraud Office has alleged that a loan facility of about $40 million was obtained.

Mr Slack’s name suppression was lifted, but non-publication orders relating to third parties remain in place. He faces up to 3 years’ jail. Mr Slack was adjudicated bankrupt in 2013 and automatically discharged in April 2016.

The other 3 defendants – property developer Leonard John Ross, company director Michael James Wehipeihana and self-employed consultant Vaughn Stephen Foster – will face trial on 5 June 2018.

Earlier stories:
12 April 2017: Remand on Celestion development fraud allegations
17 February 2017: SFO alleges fraud in Celestion development loan deal
9 October 2009: Apartments at centre of Blue Chip case go on market
8 May 2009: Ross’ Emily Projects starts work on ex-Blue Chip site

Attribution: SFO release, insolvency register.

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Remand on Celestion development fraud allegations

The developer of the Waldorf Celestion apartments hotel at the foot of Anzac Avenue in Auckland, Tasman Cook Group Ltd owner Leonard Ross, and 3 associates were remanded in the Auckland District Court today until 22 June, on 4 Crimes Act counts of obtaining by deception and 2 of using forged documents, with the expectation that the case will be sent to the High Court for a jury trial.

Mr Ross (50) is living in Melbourne and was excused from appearing in court today. One of the other defendants whose name is suppressed was also excused from appearing.

The other 2 defendants, company director Michael Wehipeihana (45) & self-employed consultant Vaughn Foster (54), appeared in court and were remanded on bail.

The charges arose in relation to allegedly making false statements & using forged documents to obtain a credit facility from ANZ Bank NZ Ltd to allow the project company, Emily Projects Ltd, to develop the Waldorf Celestion, which opened in 2009. It’s alleged that a loan facility of about $40 million was obtained.

Emily Projects, 88% owned by Mr Ross, went into voluntary liquidation on 22 December 2011. Original liquidator Chris Horton was replaced in 2014 by Tim Downes & Greg Sherriff (Grant Thornton), who said in their final report in 2015 they’d recovered $610,244 of assets. 2 unsecured creditors claimed $671,000 and 53 investor claims totalled $2,890,951.

The one distribution to unsecured creditors was 11.8c in the dollar for a total $420,310.

The whole project was controversial because Mr Ross, who’d developed property for Mark Bryers’ Blue Chip NZ Ltd, acquired the Celestion site at mortgagee sale from a lender to Blue Chip.

A Blue Chip company bought the 1081m² site between Anzac Ave & Emily Place, on the eastern fringe of the cbd, for $4 million in 2004 and it was transferred in 2006 for $10.9 million to another of Mr Bryers’ companies.

Under Blue Chip, the development was known as the Emily and it was to have had 149 units. 85 were sold and investors paid an estimated $11.2 million in deposits.

Emily Projects bought the property after it was put up for mortgagee sale in 2008 by the NZ Guardian Trust Co Ltd, owed $4.475 million. The purchase price covered the Guardian Trust debt and Guardian Trust stayed in behind ANZ Banking Group Ltd as second mortgagee on the new project.

Earlier stories:
17 February 2017: SFO alleges fraud in Celestion development loan deal
9 October 2009: Apartments at centre of Blue Chip case go on market
8 May 2009: Ross’ Emily Projects starts work on ex-Blue Chip site

Attribution: Court hearing.

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Turnbull arrested 8 years after fleeing to Hong Kong

Former Auckland property developer Simon Lawrence Wood Turnbull (43) was arrested at Auckland International Airport on Wednesday on 38 Crimes Act charges and was remanded without plea when he appeared in the Auckland District Court.

The charges the Serious Fraud Office has laid against him are: 9 counts of dishonestly taking or using a document, 19 counts of obtaining by deception or causing loss by deception and 10 counts of using forged documents.

Mr Turnbull left New Zealand on a flight to Hong Kong on 24 March 2008 and didn’t return until Wednesday.

The downfall of one part of his business activities, relating to developments at Gulf Harbour, was captured in liquidation reports 7-8 years ago, but these charges relate to his alleged involvement in a $47 million mortgage fraud where false loan applications were submitted to a fund management company to buy 19 properties around Auckland, between September 2006-August 2007. Another Auckland property developer & investor, Malcolm Mayer, was sentenced to 6 years’ jail in February 2014 for his role.

An arrest warrant was issued for Mr Turnbull when he failed to appear at his first court date in November 2014.

Mr Turnbull was adjudicated bankrupt on 29 January 2009, on the application of Hong Kong Shanghai Banking Corp Ltd, and hasn’t been released from bankruptcy.

One of his ventures with a business partner, Der Rohe Holdings Ltd, developed 42 apartments at 9 Shaddock St, Eden Terrace, but was wound up in 2008. Other companies he was involved with included Acsonim Architecture Ltd, Acsonim Treasury Ltd, Central Property Management Ltd, Crash Palace Ltd, Fairway Mansions Ltd, Makeovers By Design Ltd, Onethree Holdings Ltd, San La Mere Holdings Ltd, Two Holdings Ltd, UND Investments Ltd, VHI Properties Ltd & Victoria Property Holdings Ltd.

Earlier stories:
18 February 2014: Propbd on Q T18Feb14 – Mayer jailed for 6 years, Precinct profit soars & waterfront deal looms
22 December 2013: Mayer guilty of $47 million fraud, sentencing February

Attribution: SFO release.

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FMA charges 4 OPI directors over 2007 $A100 million advance to related company

The Financial Markets Authority has delved back 6 years to lay charges against 4 directors of OPI Pacific Finance Ltd (now in both receivership & liquidation).

The authority alleges that Mark Lawrence Lacy, Jason Robert Duncan Maywald, David Mark Anderson & Craig Robert White made untrue statements in the 2007 OPI offer documents. The charges have been laid under section 58 of the Securities Act and carry a 5-year maximum term of imprisonment or a $300,000 fine.

OPI provided finance to entities involved in commercial property investments & developments. It went into receivership in September 2009 and was put into liquidation in November 2011.

More than 10,000 investors are owed about $247 million. Secured debentureholders have been repaid up to 25 cents:$1.

Financial Markets Authority head of enforcement Belinda Moffat said yesterday the charges alleged that the 2007 OPI offer documents contained untrue statements relating to the performance & management of the business.

“This included a failure to disclose to investors adverse changes to the financial position of the company resulting from the advance of $A100 million to MFS Pacific Investments Pty Ltd, a related-party finance company based in Australia.

“Where appropriate, the Financial Markets Authority will take action against market participants who it suspects of having breached the law, even if they are based overseas.”

The Auckland District Court has allocated a first appearance date for the directors of Tuesday 3 December.

All 4 accused were based in Queensland, although Mr Maywald had an Auckland cbd apartment for a period. The New Zealand company was owned at the time of the alleged offences by MFS Pacific Ltd of Austraalia, originally the McLaughlins Financial Services Ltd group.

Attribution: FMA release, Companies Office.

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SFO & FMA lay charges against ex-financial advisor Robinson

The Serious Fraud Office and the Financial Markets Authority have laid charges against former financial advisor Andrew Hrothgar Robinson (40) following an investigation they began late last year into the activities of Auckland-based Strategic Planning Group Ltd.

Mr Robinson was a director of Strategic Planning Group and is a director of SPG Investment Company No 1 Ltd. He appeared in the Auckland District Court yesterday on 5 charges of theft by a person in a special relationship and one charge of dishonestly using a document, laid by the Serious Fraud Office under the Crimes Act.

The SFO alleged Mr Robinson stole $3 million of investor funds to repay the investments of other investors – a Ponzi scheme – and to pay for some business & personal expenses between 2010-12. The SFO also alleged Mr Robinson made false statements in various investment reports to hide the true picture from investors.

The Financial Markets Authority laid one charge against Mr Robinson under the Financial Service Providers Act of providing a broking service without being registered, and one charge of knowingly making a false statement in his application to become an authorised financial advisor under the Financial Advisers Act.

The authority has also laid 2 charges against Mr Robinson and a co-director of SPGI, Mark Andrew Turnock, under the Financial Reporting Act, of making false statements in the SPGI financial documents. The SFO has not laid charges against Mr Turnock. Their next appearance in court is scheduled for 26 September.

The Financial Markets Authority opened an investigation into Mr Robinson late last year. It cancelled his licence as an authorised financial advisor on 21 December, and SFO acting chief executive Simon McArley said Mr Robinson ceased being a director of Strategic Planning Group on 23 December, although the Companies Office file showed his resignation was in 2011.

Attribution: Joint release.

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SFO lays 6 charges against Glenn Cooper

Published 9 November 2012

The Serious Fraud Office laid charges yesterday against Auckland property investor Glenn Cooper (39) following its second investigation into his activities.

He’s been charged with 6 counts of dishonestly using a document.

The fraud office’s acting chief executive, Simon McArley, said the investigation focused on 6 property transactions involving $834,700 over the period 2 November 2010 to 25 September 2011.

The SFO alleged that Mr Cooper bought properties at mortgagee sale using one of the companies he was involved in, or via associates, then onsold these properties at an increased price. The office alleged Mr Cooper prepared false sale & purchase agreements – concealing his interest in the properties from the banks & investors – and misleading loan application forms which he submitted to the banks.

Mr McArley said: “Investigators believe he usually targeted investors who were under pressure to consolidate debt.  All of the transactions that are the subject of the charges involve members of one family.

“While the quantum is relatively low, the conduct has had a serious effect on the community. The SFO believes there is strong public interest in focusing its resources on vulnerable investors.”

Mr Cooper is a property investor whose companies have featured many times in The Bob Dey Property Report’s U column. The Serious Fraud Office said he was also involved with putting together property deals and acting as a broker.

Mr McArley said a complaint was made to the Serious Fraud Office about him in 2010 but the director decided there was insufficient evidence to charge him and the file was closed on 30 June 2011. New complaints to the office in October 2011 alleged a different method of offending.

The maximum penalty for conviction on the charges laid under section 228 of the Crimes Act is 7 years’ jail.

When receivers exited Mr Cooper’s PGRS Developments Ltd (ex-1824 River Road Ltd) in December 2011, I wrote in the U column: “Mr Cooper’s Glenn Cooper Ltd was wound up on 4 May, this one (PGRS) & 2 others on 6 May. The company changed its name in 2009. It owned a property at Waipouri Rd, Mangere, which was sold with a shortfall to the mortgagee. Mr Cooper is a director of 15 Wiltshire Drive Ltd (removed from register 26 July), Challenge Earthmoving Ltd, Executive Home Rentals Ltd (resigned 12 October, Stuart Brauninger appointed 22 September), Five Star Homes Ltd, Genesis Homes Ltd, Glenn Cooper Holdings Ltd, GWC Trading Ltd, Holiday Homeshare Ltd (wound up 10 June), Rivercity Ventures Ltd, Solway Construction Ltd, Solway Developments Ltd, Solway Holdings Ltd, Sunset Finance Ltd, Tui Pastoral Ltd (ex-Big Box Public Storage Ltd) & Waylen Financial Services Ltd, and a former director of SBCS Consulting Group Ltd (ex-Coobra Holdings Ltd; Mr Cooper resigned October 2010 and Stuart Brauninger, Manukau, was appointed; Mr Brauninger was bankrupt December 2004-07 and was fined shortly before his automatic discharge from bankruptcy for being a prohibited director and being involved in the management of a company; Mr Cooper took over some of Mr Brauninger’s companies when Mr Brauninger was bankrupted, and both men filed documents relating to the companies which faced liquidation on 6 May).”

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Attribution: SFO release, story written by Bob Dey for the Bob Dey Property Report.

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SFO lays 28 charges against Herbert Insurance owner & director

Published 1 June 2012

The Serious Fraud Office has laid 28 charges against Herbert Insurance Group Ltd owner & director Grant Herbert (61).

Mr Herbert appeared in the Auckland District Court yesterday on Crimes Act & Secret Commissions Act charges. The Serious Fraud Office alleged that, between 2005 and the company’s collapse in March 2011, Mr Herbert committed various offences including theft by a person in a special relationship, using a forged document in relation to obtaining a credit facility, and a number of offences in relation to corruptly giving an employee of a customer secret commissions for referring insurance business to the group.

Liquidators were appointed to Herbert Insurance Group on 4 March 2011 but replaced on 25 March, ASB Bank Ltd appointed Brendon Gibson & Michael Stiassny (KordaMentha Ltd) as receivers on 7 March and the fraud office began its investigation on 10 March.

The original liquidators, Steven Khov & Damien Grant (Waterstone Insolvency), said they discovered a $3 million shortfall in the Herbert Insurance client broking account, which held funds for the benefit of underwriters, as soon as they were appointed.

The SFO alleges that Mr Herbert failed to forward premiums received from clients to insurers, in some cases leaving the customers uninsured, and diverted this money to pay operating expenses for the group and to fund his lifestyle. The SFO alleges this was contrary to statutory requirements imposed on insurance brokers or contrary to agency agreements with insurers.

The fraud office also allege that an insured customer was overcharged and the illicit profit was shared between Mr Herbert and the employee of the customer.

As well as the $3.1 million shortfall owed to insurers, some insured customers found the insurance they believed they’d obtained hadn’t been underwritten by insurance companies.

SFO chief executive Adam Feeley said yesterday: “, says “It has been reassuring that the insurance companies for whom Herbert Insurance Group acted as broker, and who in many instances knew nothing about the insurance cover placed with them, have supported customers, accepted the risk and taken any financial loss themselves.”

Herbert Insurance Group had 4000 clients throughout New Zealand. The receivers sold the client base to Aon NZ soon after their appointment.

Mr Herbert was also a director of MFS NZ Ltd (which also had other MFS names and ended as OPI Pacific Holdings Ltd; Mr Herbert resigned in October 2008 and liquidators were appointed 15 December 2008, when it owed its Australian parent $8.5 million).

Earlier story:

18 March 2011: SFO investigates $3 million shortfall in Herbert Insurance client broking account

 

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Attribution: SFO release, story written by Bob Dey for the Bob Dey Property Report.

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SFO investigation into NZF Group follows conviction for ex-director Huljich over Kiwisaver prospectus

Published 23 March 2012

The Serious Fraud Office said yesterday it had started a Part II investigation into NZF Group Ltd, NZF Money Ltd & related companies.

A part II investigation is one where the director of the fraud office “has reasonable grounds to believe that an offence involving serious or complex fraud may have been committed”.

Former NZF Group director Peter Huljich and his private company, Huljich Wealth Management (NZ) Ltd (renamed HWM (NZ) Holdings Ltd last August), were fined in December for undisclosed top-ups of the Kiwisaver fund run by the private company in 2008-10.

Mr Huljich pleaded guilty to one representative charge as a promoter of the company’s prospectus, and the company to 2 charges of making an untrue statement in a registered prospectus for the offer of securities in the Huljich Wealth Management Kiwisaver scheme, and advertising for it.

The company issued 6 investment statements from 2008-10, including 3 graphs setting out the performance of 3 Huljich funds which failed to disclose the funds had been inflated.

The company initially invested its funds in a Huljich unit trust & Diligent Board Member Services Inc, of which Mr Huljich was a director, but the Diligent investment performed poorly and lost value. Mr Huljich offered to compensate investors, selling shares at undervalue to the trust, thus masking the true performance of the scheme.

Mr Huljich had acted without the knowledge of other directors and, when it surfaced in the media, he resigned. In the Auckland District Court in December, Judge Brooke Gibson said both Mr Huljich & his company had co-operated fully and no member of the investing public had lost money as a result of the offending.

Former Reserve Bank governor, National Party leader & Act Party leader Don Brash and former Auckland mayor, National Government police minister, now Act Party leader & minister outside cabinet John Banks were both on the boards of the Huljich private companies. Mr Brash resigned in October 2010 and Mr Banks in August 2011.

Transparency campaigner Penny Bright – ousted from Auckland City Council meetings many times during Mr Banks’ mayoralty, and arrested numerous times on his instigation – has run a petition calling for both Mr Banks & Mr Brash to be charged over the Huljich prospectus case, arguing that all directors are liable.

Mr Huljich resigned from the listed companies, NZF Group & Diligent, in April 2011, a fortnight after Huljich Wealth Management sold its KiwiSaver business and a fortnight before his first court appearance on the prospectus charges.

NZF Money, a subsidiary of NZF Group, primarily provided commercial & residential loans. It was placed into receivership in July 2011, owing debentureholders $16.4 million.

Serious Fraud Office chief executive Adam Feeley said yesterday the fraud office & the Financial Markets Authority together had been assessing a range of allegations relating to the conduct of the group: “The primary focus of the SFO assessment relates to alleged related-party transactions between members of the group, its directors & officers. The transactions cover a period from 2006 to the present.

“We are extremely conscious of the need to respond quickly where material concerns arise. We are satisfied that there are valid grounds for an investigation into the wider group, and that there is a legitimate interest in publicly advising investors of this investigation.”

NZF – now with new directors Craig Alexander, John Henderson & chief executive Mark Thornton – said the board would co-operate fully with the Serious Fraud Office investigation, but added: “The board has no knowledge of any related-party transactions that could be subject of such an investigation and the chief executive has also questioned past executive directors, who also confirm that they are not aware of any such related-party transactions”.

Earlier stories:

17 February 2012: NZF in legal stoush with Pero partner Liberty

21 December 2011: Peter Huljich & company fined for undisclosed Kiwisaver fund top-ups

30 November 2011: NZF blames receivership for $11 million half-year loss

23 September 2011: NZF writes off NZF Money after bleak receivers’ report

22 July 2011: NZF withdraws prospectus after talks with new authority over one transaction

1 June 2011: NZF loss increases

12 April 2011: Huljich quits 2 public companies after KiwiSaver business sold

19 November 2010: Securities Commission lays criminal charges against Huljich

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Attribution: SFO release, story written by Bob Dey for the Bob Dey Property Report.

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SFO files 92 charges against 3 Rockforte Finance directors

Published 26 January 2012

The Serious Fraud Office has laid 92 criminal charges against the 3 directors of failed Gisborne finance company Rockforte Finance Ltd.

Nigel O’Leary & Colin Simpson face 34 charges each and John Gardner 24 charges under the Crimes Act. The alleged offences include theft by a person in a special relationship, false accounting, obtaining by deception and false statements by a promoter. The charges carry maximum sentences of 7-10 years’ jail. Mr O’Leary, an accountant, was adjudicated bankrupt in August 2011 and Mr Gardner, his cousin, in November 2011.

Rockforte Finance was established in 2003 as a provider of consumer & commercial financial services. Most of its investors were from the Poverty Bay region and most of its loans were small sums on imported Japanese cars. It operated under a trust deed that prohibited it from using investors’ funds to make loans to related parties in excess of 2% of its total tangible assets without the consent of the trustees.

The Serious Fraud Office alleges the directors allowed a significant portion of investors’ money to be used as a source of funding for their personal business interests in 2 companies – Gisborne Haulage Ltd & Michael Ward 1969 Ltd, which operated the Jean Jones women’s clothing retail business throughout New Zealand.

Serious Fraud Office chief executive Adam Feeley said the allegations underpinning the charges were similar to many of its finance company investigations: "Rockforte Finance is yet another finance company where people have endeavoured to make prudent investments in a company they believed made arm’s-length commercial loans and operated under the watchful eye of an independent trustee, but the reality has been something very different."

While the investors’ losses were small at $3.86 million compared to other finance companies and most of that was ultimately covered by the Crown retail deposit guarantee scheme, Mr Feeley said there was still significant public interest in the prosecution: “The failure of Rockforte Finance and the consequential failure of several other businesses had a significant impact on the Gisborne community. It is important for investor & business confidence that the persons responsible for that failure are held to account.”

Rockforte was incorporated in 2003, issued a prospectus in 2004 and had 77 investors registered when Dennis Parsons & Katherine Kenealy (Indepth Forensic Ltd, Hamilton) were appointed receivers in May 2010. However, the receivers said in September they’d uncovered more investors of a total $610,000 whose funds appeared to have been transferred to third parties without their knowledge or consent. The receivers also had questions about the accuracy of the loan book, particularly the amount overdue. The Official Assignee was appointed liquidator on Inland Revenue’s application in February 2011.

The fashion clothing company operated from an East Tamaki industrial park and ceased trading in April 2009 when, according to the liquidator’s report, parties in restructure negotiations “seized all the assets of the company and relocated the office & warehouse. Staff were informed they were being employed by a new company. The eftpos machines in all company-owned stores were changed so all bankings were diverted. The shareholder stated that the events of 24 April occurred without his prior knowledge.” This event followed purchase of the general security agreement from SH Lock Ltd by DDLC Ltd (incorporated 21 April 2009; director Mr Gardner, who also incorporated WRCC Ltd on 14 April 2009).

WRCC’s receivers continued trading, but reduced the number of Jean Jones stores to 13 plus the factory outlet store in Kerwyn Avenue, East Tamaki. They completed sale of the business in May 2011 to its general manager, Gina Caulfield, Auckland, and business partner Keri Condon.

Mr Feeley said today the case was the penultimate finance company investigation to be concluded by the Serious Fraud Office, with only Hanover Finance Ltd still under investigation: “We are pleased there is now some clarity around this and most other finance company failures. We will be putting all necessary resources into managing our 8 current finance company prosecutions through to an appropriate conclusion this year."

Mr Feeley said while the investigations into finance companies were nearing a conclusion, the Serious Fraud Office was still dealing with a significant number of new cases, including 21 new investigations in the first half of the financial year and a further 31 cases under prosecution.

Earlier stories: 28 October 2011: Government to take rest of finance company recoveries away from receivers

U: The names behind the action, the week to 14 June 2009, part 2, Director says assets seized by parties in Jean Jones restructure

 

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Attribution: SFO release, Companies Office reports, story written by Bob Dey for the Bob Dey Property Report.

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