Michaels jailed over $3m fraud

A man who claimed he was orchestrating a takeover of SkyCity casinos has been jailed for eight years after swindling more than $3 million from investors.

Loizos Michaels, 45, was found guilty last month of 30 charges of deception brought by the Serious Fraud Office.

Judge Christopher Field imposed a minimum non-parole period of three years and nine months for Michaels in Auckland District Court on Tuesday.

Michaels deceived a number of victims, including Christchurch Casino executives and National Party president Peter Goodhew, as he sought investments for various business ventures.

One such venture was a proposed takeover of SkyCity casino group.

Michaels had denied the charges, claiming he never received the money in question.

However, Judge Field dismissed Michaels' evidence as "completely incredible" at the end of the eight-week trial.

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