The Serious Fraud Office (SFO) announced today that it has laid 110 charges against seven people alleged to have participated in a loan fraud involving Dunedin-based vehicle finance company, MTF.
All seven of the accused appeared in the Auckland District Court today.
Mark James Whelan (38), formerly an Auckland-based retail dealer for MTF and later a franchisee of the company, is facing 25 individual charges and 41 joint charges of obtaining by deception under the Crimes Act.
It is alleged that between July 2005 and February 2009 Whelan wrote a number of loans in the names of family, friends and associates using various non-existent assets as security.
SFO Chief Executive Adam Feeley said he is accused of obtaining loans totalling $4.9 million and using those funds for personal gain, including the purchase of land, servicing of personal debts, and investing in a futures trading scheme.