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Tuesday, 10th June 2008 (2334 views)

Gold stolen by New Zealand's biggest benefit fraudster is to be turned into money, according to One News.

The haul, worth a A$1.1 million (£484,254), was discovered in secret compartments in Wayne Patterson's house and buried in the garden, in Auckland, after his arrest for benefit fraud in October 2006.

They found gold bars under the shower and cash in his car, and over a three-year period he had been claiming benefits under 123 different names, it was reported.

The government has kept the gold in a vault and saw its value increase by $300,000, One News reports.

It is now selling the stash to New Zealand Mint which will melt it into coins, it was said in the report.

"He was laundering it through buying and selling gold bullion and then repatriating that money to overseas companies," forensic investigator Barry Jordan.

Patterson was sentenced to eight years in jail last month.

 

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