5 Feb 2016

Auckland property developer jailed for fraud

7:41 pm on 5 February 2016

A failed Auckland property developer who stole thousands from his employer and investors spent the money on his own house, antiques and a Porsche for his wife.

Today Peter Stewart James Lockie was jailed for three years and nine months when he appeared at the Auckland District Court for sentencing.

The 62-year-old's fraud started when he was a chief executive of a property development company, earning $20,000 a month.

He used company finances to pay his and his company's tax bill to the IRD totalling over $78,000.

Lockie also used company money to pay for work on his home in the leafy Auckland suburb of Kohimarama and a $12,000 antique table.

He then went on to de-fraud his business associates, convincing them to invest in ventures that he knew would fail.

When the inevitable happened, he went back to one investor and convinced him to invest in a property, promising there would be a GST refund. That never eventuated.

Lockie also got a Porsche for his wife.

He got finance for the car by submitting documents claiming his wife was earning $5000 a month. He signed loan documents in the name of his wife and used her signature.

Lockie's wife later told authorities the signature was not hers.

The Porsche was re-possessed when Lockie could not come up with payments.

In all he caused over $400,000 in losses to his victims.

In sentencing, Judge Rob Ronayne found Lockie showed no remorse and instead blamed his victims for their losses.

He described Lockie as "self-centred" and "arrogant".

He said a claim by Lockie that he would have defended the charges had he had the time was "deluded and wrong".

Judge Ronayne described Lockie's offending as highly sophisticated and premeditated. It went on for over 5 years.

Lockie is bankrupt and on a benefit but despite his financial circumstances, Judge Ronayne ordered him to pay $40,000 to his victims on a proportional basis.