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.