An Auckland businesswoman alleged to be at the centre of a $9.2 million mortgage ramping scheme involving her siblings and friends has pleaded not guilty to 26 charges.
Ellie Stone, 44, also known as Eli Devoy and Eli Ghorbani, appeared before Judge Philip Recordon at Auckland District Court today.
Shefaced Serious Fraud Office (SFO) charges, with six other people, in relation to 11 Auckland properties.
According to the SFO, the defendants are all friends and family of Stone.
Stone, of Remuera, is the primary defendant in the case in which the SFO alleges false documents and information were used to deceive banks into providing mortgages between 2007 and 2010.
Some of the 11 properties were bought and sold more than once.
Stone was involved in all transactions in the scheme and in some instances was the true owner of properties bought in the names of co-defendants, the SFO claims.
It is alleged the $5.8 million worth of loans were obtained with the use of false information while the total property obtained in the alleged offending was $3.4 million. The SFO says Stone was the main beneficiary of the scheme and netted nearly $475,000 from the deals.
