The complex scheme involved 11 properties in the Auckland area.
Upper Hutt College was swindled out of $375,000 by former executive officer Donald Hancox.
The man had in March pleaded guilty to stealing $1.4 million.
Judge says arguments by whistleblower are “confusing” and “poorly conceived” but sided with him.
Charges serve as a warning to both banks and property owners, SFO says.
Edward Errol Johnston appeared in the Auckland District Court today on Serious Fraud Office charges.
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