Guilty plea in SFO $2.3m farming fraud case
Peter Joseph Nitschke (32) has pleaded guilty to seven charges under the Crimes Act relating to dishonestly using a document and obtaining by deception.
Peter Joseph Nitschke (32) has pleaded guilty to seven charges under the Crimes Act relating to dishonestly using a document and obtaining by deception.
The charges follow an SFO investigation into agri-business, Capehorn Farming Ltd.
The business operated a beef cattle fattening farming business in the central and lower North Island, in which cattle purchases were generally financed through specialist livestock finance companies. It fell into financial difficulty as a result of falling beef prices.
The SFO alleged that, early in 2010, Mr Nitschke obtained over $880,000 worth of finance from lenders for cattle that did not exist. The SFO further alleged that he fraudulently sought $1.5 million in refinancing from the BNZ in order to repay loans for the non-existent cattle and for cattle that had already been sold.
BNZ put Capehorn into receivership in December 2010 when PwC were appointed as receivers. The matter was referred to the SFO in March last year.
Mr Nitschke will reappear in the Feilding District Court for sentencing on February 20.
NBR staff
Mon, 16 Jan 2012
Mon, 16 Jan 2012
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Guilty plea in SFO $2.3m farming fraud case
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