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NSW broker convicted of loan fraud

A former NSW-based mortgage broker has been convicted of falsifying loan application documents following an ASIC investigation.

Moustafa Dandachli, also known as Muzi Dandachli, of Georges Hall, pleaded guilty in 2013 to 10 charges of providing false loan applications to lenders over a six-month period to secure approvals for home loans totalling almost $3.8 million.

The applications, for 10 people in total, included loans ranging from $196,000 to $640,000.

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Mr Dandachli admitted to providing the income and employment documents contained in the loan applications knowing they were false or misleading.

In convicting Mr Dandachli of the offences, the District Court of NSW handed down a number of penalties on 23 May 2014, including sentencing Mr Dandachli to nine months in jail to be released immediately upon entering into a two-year good behaviour bond.

In making the order, the court, among other things, took into consideration Mr Dandachli’s level of cooperation with ASIC’s investigation, his remorse for acting dishonestly in this case and the good prospects for his rehabilitation.

“Loan fraud is unacceptable,” ASIC deputy chair Peter Kell said, adding that ASIC’s campaign to identify and crack down on loan fraud is continuing.

The Commonwealth Director of Public Prosecutions prosecuted the matter.

As a result of the misconduct, ASIC has also permanently banned Mr Dandachli from providing credit services in the future.

NSW broker convicted of loan fraud
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