"We are committed to investigating and prosecuting this kind of offending," says SFO
Sentencing is scheduled on September 26 for property developer Leonard John Ross (51) and company director Michael James Wehipeihana (46) on three charges of deception and two representative charges of forgery, according to the Serious Fraud Office.
Ross and Wehipeihana reportedly made false statements and used forged documents to obtain a $41-million development loan from the ANZ Bank. The loan was supposed to allow their company, Emily Projects Limited, to construct the inner-city apartment block Waldorf Celestion Apartment Hotel.
“Mr. Ross and Mr. Wehipeihana misled the bank to ensure that Emily Projects Limited obtained the loan facility,” SFO director Julie Read said. “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.”
The SFO said Ross and Wehipeihana were remanded on bail. The two other men involved in the fraudulent scheme are each currently serving sentences of 10-months’ home detention.
Vaughn Stephen Foster (56), a self-employed consultant, pleaded guilty to one representative charge of “Obtaining by deception” just before the eight-week trial commenced and was sentenced in June.
Timothy Upton Slack (56), a lawyer, pleaded guilty to one representative charge of “Obtaining by deception” on September 1 last year and was sentenced later that month.
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