The Lawyers and Conveyancers Disciplinary Tribunal has struck off Auckland-based lawyer Francis Peters (also known as Frank Peters) from the roll of barristers and solicitors following Peters’ conviction for his involvement in a substantial mortgage fraud scheme.
Peters had previously entered a guilty plea to four charges of obtaining by deception, brought by the Serious Fraud Office (SFO). These charges were part of a broader investigation into an alleged $8.6 million mortgage and investment fraud scheme, primarily attributed to Peters’ brother, Gerard.
At the time of the hearing his lawyer said that Peters’ involvement in the scheme came after he tried recovering $100,000 loaned to his brother Gerard, who in turn proposed the property deal in lieu of repayment.
The North Shore District Court had sentenced Peters to nine-and-a-half months of home detention for his role in the fraud.
Disciplinary Tribunal Proceedings
During the penalty hearing at the Lawyers and Conveyancers Disciplinary Tribunal, the Tribunal unanimously concluded that striking off was the only appropriate sanction given the gravity of Peters’ conduct.
Peters, addressing the Tribunal, expressed remorse and accepted full responsibility for his actions. He cited familial pressure and an unusual family dynamic as contextual factors in his involvement. However, the mitigating circumstances did not sway the Tribunal from its decision to remove him from the roll.
He had worked for Fonterra as an employment lawyer until late 2023.
This case is part of a more extensive SFO investigation involving multiple members of the Peters family and another individual with name suppression.
The alleged fraud scheme involved inflating property valuations through related-party sales to secure larger mortgage financing, with promises of offshore investments and returns to the original property owners.
The SFO has laid a total of 37 charges related to the $8.6 million fraud, with the majority implicating Gerard and Chris Peters. Additional charges concern obtaining $1.8 million from a businessman under false pretenses.
Other defendants are awaiting trial and international arrest warrants have been issued for some family members who have left New Zealand.
