An Australian-born business coach who convinced home buyers to apply for mortgage finance based on inflated prices for south Auckland properties has been jailed for three years.
Discharged bankrupt Shane Charles Wenzel, 51, was found guilty of eight fraud charges in October and was sentenced on Friday in Manukau District Court.
The charges, of using documents dishonestly with intent to obtain a pecuniary advantage and using a document with intent to defraud, relate to dishonest loan applications.
The offending took place during the boom in the property market between May 2003 and October 2004 and involved the sale and purchase of properties in south Auckland.
In some cases false letters of employment and false statements of income were used.
"Crimes of this type have a big impact on vulnerable investors. The loss of their investment funds will have irrevocably changed their lives. We remain deeply concerned for all his victims," acting SFO chief executive Simon McArley said.