The Serious Fraud Office has laid charges against Auckland property investor Glenn William Cooper in what it says is the office's second investigation into Cooper's activities.
Cooper, 39, faces six charges of dishonestly using a document relating to six property transactions.
"The quantum of the offending is approximately $834,700," the SFO said in a statement.
The SFO alleges Cooper bought properties at mortgagee sale, using one of the companies he was involved in or via associates, then on-sold them at an increased price.
Investigators believed he usually targeted investors who were under pressure to consolidate debt and all the transactions involved members of one family.
The SFO alleged that false sale and purchase agreements that concealed Cooper's interest in the properties from the banks and investors, and misleading loan application forms were prepared by Cooper and submitted to banks.
Acting SFO chief executive Simon McArley said that "While the quantum is relatively low, the conduct has had a serious effect on the community.
"The SFO believe there is strong public interest in focussing its resources on vulnerable investors," the statement said.
Cancer-stricken rugby player Kurtis Haiu was last year discharged without conviction for punching Cooper in the face after allegedly losing $400,000 to $500,000 through investments in unsuccessful property deals.
- Herald Online