18 Feb 2014

Fraudster jailed for six years

3:59 pm on 18 February 2014

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

Malcolm Mayer was found guilty last year of submitting false loan applications to secure funds for 26 properties throughout the Auckland region.

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

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