John Grant Fagan (54) has been sentenced in the Palmerston North District Court to three years and one month imprisonment following a Serious Fraud Office (SFO) prosecution.
In September last year, Mr Fagan pleaded guilty to 15 offences under the Crimes Act 1961 of false statement by promoter, forgery and using forged documents.
The charges arose out of Mr Fagan’s attempts to promote a number of technology and property companies between 2009 and 2011.
He used false and forged documents which overstated the value or success of the businesses, in an attempt to encourage people to invest with him. He also made false statements overstating the position of the companies. Mr Fagan’s actions relate to investments of $1.285 million and attempts to gain a further $4.564 million from various individuals and entities.
SFO Director, Julie Read said, “The SFO is pleased that we have obtained some justice on behalf of the investors who were victims of Mr Fagan’s fraudulent claims. It is important that investors understand the risk associated with any investment and that they make as many inquiries as are necessary to reach that understanding. Nonetheless, there will still be cases where money is lost through fraud and it is important to prosecute those cases to deter others.”
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Fagan jailed for forgery and false statements
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