16 Jan 2013

Property developer admits fraud charges

11:17 pm on 16 January 2013

An Auckland property developer has pleaded guilty to charges relating to defrauding a family of about $800,000.

Glenn Cooper appeared in Manukau District Court on Wednesday on charges laid by the Serious Fraud Office.

Cooper bought properties at mortgagee sales and sold them to investors. He targeted three siblings of the family by helping them get a mortgage to buy his properties.

The 39-year-old used false sale and purchase agreements, concealing his interest in the properties from the banks and investors. He also used misleading loan application forms and submitted them to the banks.

The family's lawyer, Geoff Bilkey, says although it is a good result, the family is still in financial strife.

"It's a relief for them that it's not going to go on any further, but we still have unresolved issues with the lenders in relation to this residual debt which still needs to be addressed."

Mr Bilkey says he's helping other families he claims have been targeted by Cooper in the same schemes.

SFO acting chief executive Simon McArley said the case is an example of someone preying on investors needing urgent financial advice.

Cooper has been remanded on bail until sentencing in March.