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Peng Pian, 38, was sentenced Friday in High Court.
A manager who admitted he was greedy was sentenced to house arrest for his involvement in a $ 4.1 million property fraud.
Peng Pian, from Hauraki on Auckland’s North Shore, previously admitted three counts of obtaining by deception in connection with a real estate investment for offshore investors.
Judge Simon Moore sentenced the 38-year-old man to eight months of home detention in Auckland High Court on Friday.
The crime is said to have occurred in late 2015 against a director of an Epsom-based investment and development company.
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The fraud was related to the purchase of a property in Hobsonville in which Pian transmitted a false impression to a pair of foreign investors that he and three alleged co-infringers were part of an investment syndicate.
The couple were required to invest sums of money for the project to purchase land or property, the court heard.
However, Pian gave the false impression that he was also contributing to the union.
LAWRENCE SMITH / Things
Judge Simon Moore convicted the man in Superior Court on Friday.
Pian admitted he was “greedy” and has returned the victim’s money.
The victim was forced to sell the land to repay some $ 6 million in loans, and the violation had caused “great embarrassment,” the court heard.
“You revealed your guilt and expressed remorse for what you did to him,” Judge Moore said.
Judge Moore said that Pian had a position of confidence in the deceptive scheme, but agreed that he withdrew from the scheme before it reached a high level of sophistication.
The judge gave Pian discounts by paying the victim back and showing remorse.
The trio allegedly co-offended with Pian are scheduled to go to trial next year.
