Businessman admits part in multi-million property fraud

A 35-year-old businessman arrested in a multi-million dollar property scam has admitted fraud and money laundering worth more than $1.2 million.

Michael Perry, of Hamilton, was one of 22 people charged after a two-year police investigation, dubbed Operation Allsorts, revealed a multi-million dollar property fraud enterprise.

He originally denied the charges but he changed his plea on before Justice Venning in Hamilton High Court.

Perry will be sentenced on September 29.

Crown prosecutor Jacinda Foster said that between March and October 2002 Perry amassed a portfolio of 20 rental properties, 16 of them fraudulently, with a combined value of $1,620,250.

Documentation recovered by police revealed fraudulent transactions of $243,245 in deposit funds and $1,251,999 in mortgage funds.

Leslie Ronald Orchard was identified as the main player in the enterprise. He was jailed for 18 months last December after admitted 686 charges including fraud, forgery and money laundering.

- nzpa