The two businessmen responsible for fraudulently financing the Waldorf Celestion Apartment Hotel have both been handed jail sentences.
Property developer Leonard John Ross was sentenced to four years and four months’ imprisonment, while director Michael James Wehipeihana was sentenced for four years and three months’ respectively.
The pair had been found guilty of lying to ANZ about the number of presales the property had made, and for forging documents including sale and purchase agreements.
“Mr Ross and Mr Wehipeihana misled the bank to ensure that Emily Projects Limited obtained the loan facility. The SFO is committed to investigating and prosecuting this kind of offending to maintain the integrity of the mortgage market for the benefit of honest borrowers,” said Julie Read, director, Serious Fraud Office.