Convicted fraudster Alex Swney was declared bankrupt today.
Last month he was jailed for five years and seven months for using false invoices to fraudulently obtain more than $2.5 million from the downtown Auckland promotion agency Heart of The City, which he had founded and led for
nearly two decades.
Alex Swney – TV(NZ)
Swney was also found guilty of tax evasion, having avoided paying more than $1.7 million in taxes to Inland Revenue. Including penalties and interest, he was found to owe $3.8 million.
The bankruptcy – which had been sought by the IRD – is now in the hands of the Official Assignee, who will seek to recover funds for any creditors.
Swney is still being sued by Heart of The City.
When he was sentenced in June, the court was informed that Swney had told the probation service he’d faked 229 invoices because he believed his remuneration was insufficient for his labours.
Source: National Business Review. Story by Nick Grant Published 23 July 2015
See earlier NBR stories: