Property developer pleads guilty to SFO charges

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Property developer Glenn William Cooper, 39, has been remanded on bail for sentencing on March 8 after a Serious Fraud Office investigation into his dealings with a family with whom he built a relationship.

Cooper pleaded guilty in Manukau District Court yesterday to five charges of dishonestly using a document.

The charges resulted from an investigation into five property deals between July and September 2011 with members of one family.

The family members were sold properties bought in mortgagee sales by companies associated with Mr Cooper. His interest in them was concealed from banks and investors, and misleading loan applications were made to banks.

"The investors were sold on a fantasy that purchasing these investment properties would successfully consolidate debt and solve their problems," Simon McArley, the acting chief executive of the SFO, said.

Mr Cooper played on the affinity he had built with one family.

(BusinessDesk)


This article is tagged with the following keywords. Find out more about MyNBR Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

Frauders like Cooper rarely act alone. What about the solicitor and valuer involved in these transactions?

Isn't it time these so-called professionals are taken to task by the courts, because they clearly don't understand fiduciary duty or conflict of interest, and have liitle ounce of integrity.

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7705 0.0025 0.33%
AUD 0.9835 -0.0031 -0.31%
EUR 0.7118 0.0017 0.24%
GBP 0.5149 0.0019 0.37%
HKD 5.9690 0.0027 0.05%
JPY 91.6630 0.3490 0.38%

Commods

Commodity Price Change Time
Gold Index 1202.7 5.690 2015-04-17T00:
Oil Brent 63.5 1.740 2015-04-17T00:
Oil Nymex 55.7 -1.000 2015-04-17T00:
Silver Index 16.2 -0.050 2015-04-17T00:

Indices

Symbol Open High Last %
NZX 50 5881.8 5884.7 5881.8 -0.34%
NASDAQ 4966.1 4974.1 5007.8 -1.52%
DAX 11942.4 12019.8 11998.9 -2.58%
DJI 18102.6 18102.6 18105.8 -1.54%
FTSE 7060.4 7093.5 7060.4 -0.93%
HKSE 27808.2 27969.4 27739.7 -0.31%
NI225 19810.4 19815.2 19885.8 -1.17%