Mortgage fraudsters jailed
Lawyer Gang (Richard) Chen and ex-BNZ banker Zongliang (Charly) Jiang have been jailed after being convicted of illegally obtaining mortgages for 76 properties in the two cities. It follows their conviction in June, following a trial at Auckland's High Court.
Chen and Jiang were complicit in a scheme to secure residential home loans for a property development group, LV Park, at a significantly lower rate than was available to commercial property developers. Loans paid out to the group totalled $54 million, according to the Serious Fraud Office.
Chen was found guilty of charges including facilitating bribes to bank employees, and was sentenced to six years in jail with a minimum non-parole period of three years.
While at BNZ, Jiang made the payments in return for bribes. The banker was sentenced to four years and nine months, with a minimum non-parole period of two years, four months.
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