MAYER, CLODE, GILBERTSON, AND ANOTHER DAMNED SCAM TO CONCEAL ASSETS!

Malcolm Duncan Mayer "The 50 Million Dollar Swindler"

Malcolm Duncan “$50m Swindler” Mayer was caught out again in an elaborate scam to ring fence” and conceal assets from contributors to troubled finance company Trustee Executors Ltd.

Mayer’s company [Champion Apartments Ltd], borrowed digger bucket loads of money from Trustee Executors Ltd, and some of it was tipped into fund the purchase of a property at 43-45 Mount Eden Road.  Of course Mayer had a chinese student he was porking at the time front the company.

Mayers company owned the property unencumbered and he engaged the services of Lance Gilbertson as a consultant to advise him on the sell down of his properties.

The first problem was that most of Mayers property had already been sold. The scam required Gilbertson to create some bogus equity as a deposit on the property.

Brent Clode, spectacular failure and fraudster

A sham invoice was created on the 1st of December 2009 alleging that LJK Investments was contracted to supply consulting services to the “Mayer group”, or in reality $350,000-00 dollars worth of sham services.

That invoice was raised against Champion Apartments Ltd with the work to be done in relation to “other parties”.  Jesus these guys cannot help themselves, but they are so thick that they feel that “broad generic terms” are the way to go when someone is supposedly giving advice at $5k an hour. Cocks.

The invoice materially provided; “consultancy services to “Mayer Group” of Properties in Auckland. Re lance Gilbertson and Brent Clode “

On the 2nd December Mayer allegedly sold the Champion Apartments property for $700,000.00 to LJK Investments.

This “off market” sale was $100,000.00 below an offer Mayer had obtained from an arms length sale negotiated by a Real Estate company. Jesus how dumb can you be!!.  The High Court had this to say about the dodgy dealing;

“ The nominal price is less than the offer from an outsider. The payment of $ 350,000 for consultancy services by LJK services Ltd is extremely questionable . The price is high; evidence that any work of any real value was provided is scant; the credit was given when the consultancy had not been completed”

Lance Gilbertson, sailing Clode to the wind

The High Court didn’t believe Mayer or Lance Gilbertson but didn’t allow Trustee Executors to maintain its caveats to protect the funds Mr Mayer had defrauded from it on the property Champion he had brought at 28 Roberts Street.

The court of Appeal however had a different view and found there was enough evidence to link the $4m fraud on Roberts Street, and the unencumbered property at 43-45 Mount Eden Road.

It reversed the High Courts decision finding that the sale was not in good faith and that Gilbertson knew of the fraud on Trustee executors by Mayer.  There is now the possibility that the SFO may move against these clowns if they raise their heads again.

Clode, Gilbertson and Michael Cooper are well known failed property developers and are all involved in liquidating each others dodgy property companies. Bob Dey property reports make good reading on these men.

Judgments:

1. TRUSTEES EXECUTORS LTD v EDEN HOLDINGS (2010) LTD (High Court)

2. TRUSTEES EXECUTORS LIMITED v EDEN HOLDINGS 2010 LIMITED  (Court of Appeal)

References:

1. http://www.propbd.co.nz/afa.asp?idWebPage=8338&idBobDeyProperty_Articles=11392&SID=862007631

2. http://www.propbd.co.nz/afa.asp?idWebPage=8338&idBobDeyProperty_Articles=11427&SID=148444313

3. http://www.stuff.co.nz/auckland/local-news/5979918/Very-odd-behaviour-in-50m-fraud-case

4. http://www.stuff.co.nz/auckland/local-news/5976450/Property-developer-accused-of-50-million-fraud

5. http://www.sfo.govt.nz/case/malcolm-duncan-mayer-1735

6. http://www.stuff.co.nz/business/money/6014791/Duped-fund-manager-failed-to-follow-own-rules

7. http://www.propertytalk.com/forum/showthread.php?23690-Illegal-doss-houses-flotsam-of-loans-scandal

8. http://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=10720062

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