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Tuesday 26 November 2024  Add your comment
It's getting to the point where a complaint does need to be made

There have been calls for mortgage advisers to make a complaint to the FMA about banks’ stringing out their processing times for home loans. [READ ON]

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Mortgage fraudster gets jail time

Disgraced mortgage broker was sentenced to jail time, for fraud worth millions of dollars, in the Manukau District Court today.

Wednesday, March 16th 2016, 3:45PM 3 Comments

by Miriam Bell

Vicki Ravana Letele was sentenced to three years and two months’ imprisonment, after being found guilty of 10 charges of dishonestly using a document, under Section 228 of the Crimes Act, in September.

The handing down of Letele’s sentence was the culmination of a long-running Serious Fraud Office (SFO) investigation and prosecution

Letele’s convictions relate to property transactions which occurred in the second half of 2010.

At the time of the offending, Letele was the sole director and shareholder of Focus Property Investment Ltd, which was established to broker mortgages for first home buyers on low incomes.

The SFO’s case detailed how Letele and an associate, Ramni Kumar, used fake documents to get mortgage finance for low income families who wouldn’t otherwise have been able to get finance.

The mortgages were then used to buy property from interests related to Letele and Kumar, which generated them a profit that amounted to approximately $3.6 million.

Judge AJ Johns, who presided over the sentencing, said that in white collar crime it is important to denounce the actions of those involved.

SFO director Julie Read said she felt for the investors who had put their trust in Letele to deal with their significant financial transactions.

“The SFO will continue to put such cases before the Court to ensure New Zealand is a safe place to invest.”

She has previously said that it is important, wherever possible, for investors to get advice from reputable advisers and institutions.

* Kumar, who gave evidence at Letele’s trial, entered a guilty plea in January 2014 and was sentenced to 12 months on home detention and 250 hours of community work.

Tags: financial advisers Responsible lending serious fraud office

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Comments from our readers

On 17 March 2016 at 4:10 pm Withheld said:
I had dealings with this fraudster in 2011 trying to obtain non bank finance - thankfully nothing came of it. For the record she was never a mortgage broker so I'm not sure why the media is calling her one. If you pose as a "doctor" are you a "disgraced doctor"? Good to see the hammer of the law punished people like Vicki for the lives of her ilk destroy. Well done the SFO.

PS. Where was the FMA while all this is happening? - there are still fraudsters out there that need catching FMA, best you go get them!
On 18 March 2016 at 10:50 am andy@themortgageshop.co.nz said:
Withheld - your last comment is rather relevant, considering the article "Where are the RFAs?

Despite all the regulation, the legislation, the extra paperwork, and cost, idiots like Letele still go unchecked until it is too late. Who allowed her to operate. Who was providing the product support?

Should the banks and finance companies have more responsibility in accepting who they deal with?

As has been said (Allistar) "No qualification is going to enhance one's ethics and at the end of the day..."
On 22 March 2016 at 2:48 pm McGoo said:
Hey Andy, agreed. Lenders should be prosecuted for accepting unregistered adviser deals. Without a source of funds these crooks would disappear over night.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.02 5.79 5.69

Last updated: 20 November 2024 9:45am

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