Sharechat Logo

SFO charges seven people over mortgage fraud

Friday 24th May 2013

Text too small?

The Serious Fraud Office has charge seven people over a series of alleged mortgage frauds between July 2007 and December 2010.

The white-collar crime investigator has laid 48 Crimes Act charges against the group, with the primary defendant Eli Devoy, it said in a statement. Devoy, who goes by the name Ellie Stone, faces 26 charges and is accused of conducting a $9.2 million of property deals which deceived various banks into approving mortgage applications based on false documents and information.

"Financial crime in lending markets increases the cost of credit to all borrowers and has a direct impact on economic growth," acting chief executive Simon McArley said. "SFO is keen to work with lenders to reduce offending in this area and augment the deterrent effects of SFO's prosecution functions with improved lending practices and procedures."

The SFO launched its investigation in December 2011 after receiving a complaint about Devoy and her associates a month earlier.

The other defendants are Mehrdad Ghorbani, Mehran Ghorbani, Nasrin Kardani, Mehrzad Ghorbani, Hassan Salarpour and Javad Toraby.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar eases as market eyes pending GDP data
Evolve shareholders demand answers
Strong tourism, low rates keep lid on NZ current account deficit
Refining NZ margins jump to 18-month high
Goodman opts for underwritten $150m placement to raise capital
Kathmandu shares rise 9.3% on strong FY result, solid US performance
FMA seeks greater powers from the government
Goodman opts for underwritten $150m placement to raise capital
NZ dollar opens higher as dairy prices lift, oil eases
Napster's Sean Parker yet to seek OIO approval for Weta Digital stake

IRG See IRG research reports