Ron Fong


PHOTO: Ron Hoy Fong’s video made headlines in 2017, advising how to target divorcees, deceased estates, mortgagee sales and “dummies”.

Property investment advice firm Ronovation, run by Auckland “super investor” Ron Hoy Fong, has agreed to pay a $400,000 fine for price fixing.

Ronovation, trading as Ronovationz, was found to have encouraged buyers to use fake names, work together to drive down prices and target desperate homeowners facing foreclosure.

The Commerce Commission filed High Court proceedings against Ronovation in July this year for illegal bid-rigging in Auckland’s residential real estate market.

Prosecutor John Dixon QC said the company admitted wrongdoing shortly after the commission filed its proceedings.

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Dixon said the fine was discounted by 35 per cent from a starting point of $550,000-$650,000 for Ronovation’s cooperation with the commission’s investigation and its acceptance of wrongdoing.