Glenn William Cooper (39) plead guilty in the Manukau District Court yesterday to charges laid by the Serious Fraud Office of dishonestly using a document.
Essentially Cooper, through various associated interests, bought motel units and onsold them contemporaneously to vulnerable pacific islander victims for up to $200,000 more than the amount he had just paid for them, while purporting to be setting them up in a wonderful investment that would consolidate their debt and provide them with a considerable return.
False documents were generated to conceal these vastly inflated margins from purchasers and banks, and the loan applications to banks on the families behalf were likewise untrustworthy.
The SFO has released a media statement in which they describe the case as:
“an example of preying on investors who needed budgeting advice and realistic solutions rather than a scenario of further debt. The investors were sold on a fantasy that purchasing these investment properties would successfully consolidate debt and solve their problems. Mr Cooper played on the affinity he had built with one family in particular. This has only added to their financial strife. Investors need to remain aware of their vulnerability in such situations.”