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Property price-jacker jailed

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  • Davo36
    replied
    This guy has been in 2 trials so far and is going for a 3rd. Pretty high costs to the NZ taxpayer!

    Leave a comment:


  • essence
    started a topic Property price-jacker jailed

    Property price-jacker jailed

    A 54-year-old convicted on dishonesty and money laundering charges over jacking up the price of property deals has been sentenced today to two years and nine months' imprisonment.

    The Serious Fraud Office (SFO) laid the Crimes Act charges against Cheng Qi (Chris) Wang in June 2010. In January this year he was found guilty on all counts. Suppression orders had previously been in place in respect to the charges, conviction and sentencing, while Wang faced other charges.

    Wang was charged with using false documentation in 2008 to gain 100 per cent or more mortgage funding from lenders, in what is colloquially known as "price hydraulicking".

    It involved the same-day purchase and onselling of particular properties at significantly different purchase prices. The purchase price on the greater value sale and purchase agreement was what he relied on to get mortgage funds.
    Read more here.
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