5 Feb 2010

Loan fraudster escapes jail sentence

4:22 pm on 5 February 2010

A man whose fraudulent activities left a finance company more than $1 million out of pocket has escaped a prison sentence.

Keith Mackie, 60, was sentenced in the Wellington District Court on Friday, having earlier pleaded guilty to one charge of using a document for pecuniary advantage.

While working for a budget advice company, Mackie submitted loan applications worth more than $3 million to Lumley Finance, leading to what Judge Susan Thomas described as a circular flow of money.

Ultimately, the company was unable to pay back more than $1 million of the money borrowed.

Judge Thomas sentenced Mackie to 10 months' home detention, 150 hours of community work and ordered him to pay $10,000 reparation.