An investigation by the Serious Fraud Office into a $2.3 million farming fraud has ended in a guilty plea by the man at the centre of the inquiry.
The SFO says Peter Nitschke obtained more than $880,000 for Capehorn Farming Company Ltd, for cattle that did not exist.
It says he also fraudulently sought $1.5 million in refinancing to repay loans for the non-existent cattle and for cattle that had already been sold.
Nitschke has admitted seven charges under the Crimes Act and will be sentenced in the Feilding District Court on 20 February.
Capehorn was placed into receivership by the BNZ in December 2010.