2 September 2015
Mortgage fraud guilty verdicts
The jury in the Serious Fraud Office (SFO) trial of Vicki Ravana Letele yesterday reached verdicts in the Auckland
District Court.
Ms Letele faced 11 charges under Section 228 of the Crimes Act for dishonestly using a document. The charges related to
11 property transactions undertaken during the second half of 2010, the total value of the fraud being $3.9 million.
Ms Letele was found guilty on 10 charges and not guilty on one charge.
The SFO prosecution established that Ms Letele conspired with an associate, Ramni Kumar, to obtain mortgage finance for
low income families who would not otherwise have been able to obtain finance, by using false documentation. This
mortgage finance was used to purchases properties from interests related to Ms Letele and Ms Kumar, generating a profit
for them.
SFO Director, Julie Read said, “Vulnerable investors are often targeted by those who are aware of their inexperience in
dealing with significant financial transactions. It is important wherever possible to obtain advice from reputable
advisers and institutions. The SFO hopes that this verdict demonstrates that nonetheless serious financial crime in the
lending environment will be discovered and prosecuted.”
Ms Kumar entered a guilty plea in January and was sentenced to 12 months on home detention and 250 hours of community
work.
Ms Letele has been remanded on bail and will be sentenced on 3 November.
ENDS