Lawyer pleads guilty in $8.6 million fraud
Auckland lawyer Francis Peters has been disbarred by the Lawyers and Conveyancers Disciplinary Tribunal after his conviction for his role in a mortgage fraud scheme.
Peters, also referred to as Frank Peters, pleaded guilty to four counts of obtaining by deception as part of an $8.6 million fraud investigation by the Serious Fraud Office (SFO).
The scheme primarily involved Peters’ brother, Gerard, and centered on inflating property valuations through related-party sales to secure larger mortgage financing. Promises of offshore investments and returns were made to original property owners, but these claims proved fraudulent.
Peters’ involvement stemmed from an attempt to recover a $100,000 loan he had given to Gerard. His lawyer explained that Gerard proposed a property deal as repayment, which ultimately implicated Peters in the broader fraud. The North Shore District Court sentenced him to nine-and-a-half months of home detention for his role.
During the disciplinary hearing, the tribunal unanimously ruled that striking Peters off the roll of barristers and solicitors was the only appropriate response to his misconduct.
“I take full responsibility for everything. I’m not here to dispute anything. I’m here to express my regret for actions in the past that have fallen below the standards required of me,” Peters said.
“It was a strange family dynamic that I come from. I did stupid silly things for my family, due to pressure from my family.”
However, these circumstances did not change the tribunal’s decision.
Peters had worked as an employment lawyer for Fonterra until late 2023. His disbarment is part of a wider SFO investigation involving multiple members of the Peters family and others facing charges or awaiting trial. International arrest warrants have been issued for some family members who fled New Zealand.
The SFO has laid 37 charges in total, with most directed at Gerard and Chris Peters. Their brother Robert, and mother Serene, are also being prosecuted. Additionally, $1.8 million was allegedly obtained from a businessman under false pretenses in connection with the scheme.
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