A woman convicted of almost $3.6 million in mortgage fraud has been sentenced to three years and two months' imprisonment today.
Vicky Ravana Letele, a former director of Focus Property Investment, was originally found guilty last year in the Auckland District Court on 10 charges under section 228 of the Crimes Act for dishonestly using a document.
Letele obtained mortgage finance by using false documentation for low income families who would not otherwise have been able to obtain finance.
The mortgage finance was used to purchase properties from interests related to the company, generating a profit
Letele resigned her directorship in July 2011, and the company was placed into liquidation on Jan. 31, 2012.
The Serious Fraud Office, who brought the charges against Letele, established she had conspired with co-owner Ramni Kumar to obtain mortgage finance for low income families using false documents.
The SFO said the case was one where inexperience had been exploited.
"Vulnerable investors are often targeted by those who are aware of their inexperience in dealing with significant financial transactions," SFO director Julie Read said.
"It is important wherever possible to obtain advice from reputable advisers and institutions."