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.

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.

Advertisement
Advertisement

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

PROMOTED CONTENT


>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.

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

The CEO of Aussie Home Loans, James Symond, has forecast that broker market share will hit 70 per cent in the next five years, as more consu...

The Queensland government and lenders have begun offering financial assistance to those affected by Cyclone Niran in Queensland. ...

The technology company has launched a new fund designed to invest in technology scale-ups that are aiming for exponential growth. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Why are female broker numbers falling?

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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