The former boss of a Christchurch marine company who was extradited from Australia on fraud charges earlier this year, has plead guilty to the charges in the Christchurch District Court.
Peter Edward Hynes is facing 40 charges totalling $1.6 million relating to offending between 2004 and 2006.
The charges relate to false representations Hynes made to GE Commercial Finance, the company which provided finance to MacPherson Marine, to obtain and retain credit.
Hynes was the managing director of MacPherson Marine.
The SFO said Hynes submitted false loan applications to Marac Finance and stole further funds paid to MacPherson Marine by customers as payment on boats and motors.
He used the majority of the funds to repay MacPherson Marine's growing debts to GE.
MacPherson Marine went into liquidation in July 2006, and Hynes fled to Australia soon after.
He was arrested in Queensland on July 7 living under an assumed name and was extradited to New Zealand later that month.
The Serious Fraud Office said it had worked effectively with the NZ Police and Interpol to bring Hynes to justice.
SFO chief executive Adam Feeley said "fraudsters should not assume that fleeing to another jurisdiction will allow them to avoid accountability for their crimes".
Hynes was remanded on bail for sentencing on February 18 next year.
- Susie Nordqvist
Guilty plea on $1.6m fraud charges
Serious Fraud Office chief executive Adam Feeley Photo / Dean Purcell
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