Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

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.

Advertisement
Advertisement

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
mortgagebusiness

Latest News

Firstmac managing director Kim Cannon is “disappointed” that Treasury rejected the non-bank’s proposed acquisition of Maleny Credit Un...

Asset finance group Consolidated Operations Group has announced that it will “scale back” its equipment leasing but will continue its as...

Half of Australian businesses have already been hit by the economic fallout from the coronavirus outbreak, with approximately 86 per cent ex...

FROM THE WEB
podcast

LATEST PODCAST: The rush to save small businesses

Do you think Australia will move to quantitative easing this year?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.