SFO chief executive Adam Feeley said the fraud had a "very significant financial impact on South Canterbury Finance", which collapsed in 2010, owing investors about $1.7 billion. The taxpayer bailed them out.
Yesterday, Bennett appeared in court in a dark-blue suit and open-necked white shirt. He looked terrified.
He was remanded without plea until next month. He must reside at a Christchurch address, surrender his passport and not contact former Datasouth staff or customers.
This year, while being investigated by the SFO, Bennett lived in a multimillion-dollar property overlooking the Sydney Opera House and socialised with models and actresses.
He set up an Australian office after the Christchurch earthquakes and reportedly lived the high life in Sydney; he was seen with attractive women 20 years younger than himself and drank the finest champagne in some of the city's most exclusive bars.
He was driven around in luxury cars and "drank Dom Perignon like it was Speight's", an associate said.
One of Bennett's staff told the Herald on Sunday in August that while visiting Sydney, they were taken to bars where Bennett was greeted by name and ordered champagne by the bottle. Some of those bars included the exclusive Cafe of Sydney and Hemmesphere - where bottles of champagne sell for $480.
At Hemmesphere, the maitre d' would greet him as "Gavin" and comment if he hadn't been in recently.
Another of his favourite bars was Minx, a high-class strip bar where patrons have to buy champagne by the bottle to sit down.
One of the models he was linked to was Mariesa Crowder, who met him when he went for a drink at a venue she worked in. Early this year, she said he was going to help her start her own firm but they closed it down soon after and she never saw him again.
He also spent time with Marlena Davis, a co-director of Datasouth's Australian arm. Ms Davis runs her own image consultancy business.
Bennett was photographed at a function with her on one arm and actress Emily Deyris on the other.
As a direct result of the alleged offending, the Datasouth Group went into liquidation in March last year, leaving all 42 staff without jobs, the SFO said.
Mr Feeley said: "The findings of our investigation allege a very sustained and large-scale fraud that not only had a very significant financial impact on South Canterbury Finance, but also, ultimately, on the staff of Datasouth."
The allegations connected to South Canterbury Finance relate to alleged false documents for the lease of IT equipment. The resulting financial loss was an estimated $26 million.
The SFO laid 50 charges against former SCF chairman Allan Hubbard of theft by a person in a special relationship, false statements by a promoter and false accounting. Hubbard was killed in a car crash in September.
- Additional reporting: Andrew Koubaridis
