Wenzel was found guilty of eight charges in October of using documents dishonestly with intent to obtain a pecuniary advantage, and using a document with intent to defraud.
The charges were brought by the Serious Fraud Office (SFO).
The charges related to dishonest loan applications arising from the sale and purchase of properties in South Auckland during the significant upturn in the property market between May 2003 and October 2004.
“Crimes of this type have a big impact on vulnerable investors,” Acting SFO chief executive, Simon McArley said. “The loss of their investment funds will have irrevocably changed their lives. We remain deeply concerned for all his victims. We will continue to lead the investigation and prosecution of this type of high impact financial crime.”
Shane Charles Wenzel was an Australian-born self-employed business coach. He is also a discharged bankrupt and at the time of the offending was prohibited from the management or control of any business without the consent of the Assignee.
Wenzel encouraged individuals to apply for mortgage finance based on inflated (false) purchases prices.
On occasions, false letters of employment and false statements of income for the borrower/s were used.
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