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Guilty plea from mortgage fraudster

One of the accused in a $50 million mortgage fraud case has admitted to multiple charges under the Crimes Act, it has been revealed.

Tuesday, January 23rd 2018, 6:28PM

The Serious Fraud Office (SFO) has confirmed that Auckland property developer Kang Huang plead guilty to 10 charges in the Auckland High Court on December 20.

The charges included eight for obtaining by deception, one for dishonest use of a document and one for corruptly giving consideration to an agent.

Huang was one of four people whom the SFO alleged used false information to fraudulently obtain mortgages from either BNZ or ANZ to purchase 76 properties in Auckland and Hamilton between 2011 and 2015.

His co-accused are all pleading not guilty and are set to go to trial on February 26.

They include Huang's wife, Yan Zhang, and lawyer Gang Chen who have been charged with obtaining by deception.

The third defendant is a former BNZ employee, Zongliang Jiang, who is facing a Secret Commissions Act charge of accepting gifts as well as charges for obtaining by deception.

Huang will be sentenced on February 9 and could end up in prison as some of the charges carry prison terms.

In the past, Huang was also involved with Green Gardens Finance Trust, which no longer exists.

Green Gardens Finance Trust earned the dubious honour of being the company the Financial Markets Authority made its first ever Stop Order against – for offering investments illegally – back in 2015.

 

Tags: ANZ BNZ fraud mortgages

« BNZ move puts pressure on other banksAuckland property gains halved in two years »

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Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.79 4.99 5.35
ANZ Special - 4.29 4.49 4.85
ASB Bank 5.80 4.69 4.89 5.19
ASB Bank Special - 4.29 4.49 4.79
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.29 4.49 4.85
BNZ - Std, FlyBuys 5.90 4.89 5.05 5.49
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.45 5.50 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.79 5.05 5.29
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.69 4.89 5.35
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.19 4.39 4.85
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 4.49 4.85
Sovereign 5.90 4.69 4.89 5.19
Sovereign Special - 4.29 4.49 4.79
The Co-operative Bank - Owner Occ 5.75 4.24 4.49 4.85
The Co-operative Bank - Standard 5.75 4.74 4.99 5.35
TSB Bank 5.80 4.74 4.99 5.35
TSB Special - 4.24 4.49 4.85
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.99 5.05 5.44
Westpac - Offset 5.95 - - -
Westpac Special - 4.29 4.49 4.85
Median 5.89 4.69 4.89 5.19

Last updated: 16 August 2018 6:23pm

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