17 Jun 2016

Auckland woman convicted of $9.2m mortgage scam

12:34 pm on 17 June 2016

The Auckland District Court has convicted a woman at the centre of a major mortgage scam.

Eli Devoy, also known as Ellie Stone and by several other names, was charged - along with several relatives and associates - with obtaining by deception.

The Crown's case had been that the accused would buy houses, usually at mortgagee sales, and sell them at ramped-up prices.

The fraudulent scheme involved 11 properties in Auckland with a total value of about $9.2 million.

The Serious Fraud Office said it was an important case for genuine buyers applying for mortgages, as the cost of borrowing was pushed up by such fraudulent conduct.