Mortgage fraudster jailed over $33m scam

  • 19/11/2016
(iStock)
(iStock)

Fraudster Simon Lawrence Wood Turnbull has been sentenced to three years and two months in jail for his role in a $33 million mortgage scam.

Turnbull was involved in a scheme in which false loan applications were submitted to a fund management property to purchase 16 properties in and around Auckland between September 2006 and August 2007.

He was sentenced yesterday in Auckland District Court on Friday, after pleading guilty to 16 charges of obtaining by deception or causing loss by deception in October.

Turnbull left New Zealand in 2008, and was arrested at Auckland International Airport upon his return in June this year.

The Serious Fraud office has commended the sentence.

"SFO prosecutions against those who commit mortgage fraud help to ensure an honest market where New Zealanders can safely invest at a fair rate," said SFO director Julie Read.

Turnbull's partner in crime, Malcolm Mayer, is serving a six-year jail term for his role in the scam.

NZN / Newshub.