Suspended lawyer to spend years behind bars for $54m fraud

The former lawyer was convicted of nine charges in June

Suspended lawyer to spend years behind bars for $54m fraud

A suspended lawyer will spend years behind bars for his role in a scheme that netted about $54m for a property group.

Gang “Richard” Chen was sentenced earlier this month to six years’ imprisonment, with a minimum non-parole period of three years. He acted as a solicitor in the sale and purchase agreements and facilitated the payment of bribes to bank employees, the High Court in Auckland found.

The conspirators obtained financing at a significantly lower rate that would otherwise have been available to commercial developers, according to the Serious Fraud Office.

In June, Chen was convicted of nine charges of “obtaining by deception under the Crimes Act.” Two of the charges were representative charges. He was also convicted of a representative charge of “corruptly giving consideration to an agent” under the Secret Commissions Act.

The New Zealand Lawyers and Conveyancers Disciplinary Tribunal suspended Chen last year after he admitted to not informing the New Zealand Law Society of five driving convictions. His two-year suspension started on 24 March 2017.

 

Related stories:
Suspended lawyer convicted in $54m fraud case
Former Auckland lawyer slapped with 2-year suspension over driving offences

 

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