New Zealand hit by scandal involving a bridge player.

September 10, 2009 at 8:57 am Leave a comment

From Sunday Star Times

Malcolm Mayer, a New Zealand representative bridge player, sips on a cup of instant coffee and admits to his part in a $50 million loans scam.

In an extraordinary interview with the Sunday Star-Times yesterday, the 53-year-old property developer casually described how he helped arrange a scheme whereby relatives and associates, including immigrants with virtually no money to their names, were used to secure up to $50m in loans from fund management company Trustees Executors Ltd (TEL). At least $33m of the loans, funded by the Tower insurance mortgage fund which TEL administered, have defaulted.

Mayer is being pursued by the Serious Fraud Office and has come clean publicly to save his family from further distress; he says his sister-in-law has already been “interrogated” by the SFO. “I don’t want them to compromise themselves in order to protect me; they are honourable people,” he said.

Top NZ bridge player, Malcolm Mayer looking at a layout where he can only go down.

Top NZ bridge player, Malcolm Mayer looking at a layout where he can only go down.

See here for the rest of the sorry tale.

Whatever one may say about the fact that Malcolm has taken actions that have ruined the lives of many, standing up at this point is still to be respected. I have a friend currently serving five years’ gaol in the US for major corporate fraud. I used to think those sorts of gaol terms were meaningless. Big corporate executives getting away with easy punishments. Now that I am intimately following the life of one such person, I have to say, the punishment is oh so real.

Well, if nothing else, it looks like the standard of bridge in the NZ prison system will suddenly make a big leap forward. That’s one of the good things Malcolm will be able to do while he is there.

Advertisements

Entry filed under: thoughts on bridge. Tags: , .

The Bowl On caring about the result.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


September 2009
M T W T F S S
« Aug   Oct »
 123456
78910111213
14151617181920
21222324252627
282930  

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 11 other followers


%d bloggers like this: