Former mortgage broker convicted of fraud after forging documents to help poor families buy properties

Vicky Ravana Letele, a former director of Focus Property Investment, was found guilty on 10 charges under section 228 of the Crimes Act for dishonestly using a document. Photo / Thinkstock

A former mortgage broker has been convicted of fraud in the Auckland District Court over a scheme where she sold properties to low income families for a profit, using forged documents to allow them to obtain home loans.

Vicky Ravana Letele, a former director of Focus Property Investment, was found guilty on 10 charges under section 228 of the Crimes Act for dishonestly using a document.

Letele was facing 11 charges relating to 11 property transactions undertaken during the second half of 2010 with a total value of $3.9 million.

She wasn't found guilty on the 11th charge, which involved about $308,000.

Letele was remanded on bail and is to be sentenced on Nov. 3.

Letele resigned her directorship in July 2011, and the company was placed into liquidation on Jan. 31, 2012.

The Serious Fraud Office, who brought the charges against Letele, established she had conspired with Ramni Kumar to obtain mortgage finance for low income families using false documents.

The finance was then used to purchase properties from interests related to Letele and Kumar, who profited from the transaction.

The SFO said the case was one where inexperience had been exploited.

"Vulnerable investors are often targeted by those who are aware of their inexperience in dealing with significant financial transactions," SFO director Julie Read said.

"It is important wherever possible to obtain advice from reputable advisers and institutions."