'Big investor' accused of benefit fraud

A beneficiary accused of ripping off the system had about $1 million invested in banks and finance companies, the Nelson District Court has been told.

The alleged fraudster, an itinerant who has interim name suppression, faced four charges of dishonestly using documents to get more than $70,000 in disability and invalid benefits over seven years up to 2007.

The man denied the charges, the Press reported yesterday.

The benefits were halted after someone told the Ministry for Social Development about the man's investments, which earned him up to $73,000 a year.

Ministry officer Diane Turner told the court she estimated the man had just over $1 million invested with six finance companies and banks in 2007 under two names.

Judge Jill Moss declined the man's request to bar the public and media from the hearing yesterday.

- NZPA