20 Dec 2013

Ex-developer guilty of mortgage fraud

8:11 pm on 20 December 2013

A former Auckland property developer has been found guilty of orchestrating a $47 million mortgage fraud.

Malcom Duncan Mayer was convicted in the Auckland District Court on 26 charges of dishonestly using a document and using forged documents.

The Serious Fraud Office took the prosecution, saying the charges relate to false loan applications Mayer submitted to a fund management company for 26 properties between 2003 and 2007.

The SFO said he misled the company into lending the money, including dishonestly using relatives' and associates' names to secure loans, using false sale and purchase agreements and false leases to support valuations, and making false statements

Mayer has been remanded on bail and will be sentenced next year.