18 Feb 2014

Developer gets six years for fraud

12:59 pm on 18 February 2014

A former Auckland property developer has been sentenced to six years in jail for orchestrating a 47-million dollar mortgage fraud.

Malcolm Mayer was found guilty last year of submitting loan applications under the names of friends or associates to secure funds for his property development business.

The Serious Fraud Office brought 26 dishonesty and forgery charges against Mayer for the crimes between 2003 and 2007.

The Fraud Office says Tuesday's sentencing in the Auckland District Court should give people seeking a mortgage confidence that criminals who try to beat the system and pass on costs to honest borrowers, will be caught.