Powered by MOMENTUM MEDIA
subscribe to our newsletter
Ex-broker pleads guilty to loan fraud

Ex-broker pleads guilty to loan fraud

A former Sydney broker has pleaded guilty to three charges of loan fraud which resulted in her receiving more than $100,000.

Jennifer Mary Farias was the director of finance brokerage Mortgage Finance & Insurance, trading as Up N Riding (MFI). MFI arranged finance for vehicles such as motorcycles, cars and jet skis on behalf of clients.

Appearing at Downing Centre Local Court in Sydney, Ms Farias admitted she had received $96,270 in loan funds and $10,349.26 in commissions from a credit provider as a result of submitting 10 loan applications through MFI which contained false information and invoices.

Advertisement
Advertisement

According to ASIC, the credit provider relied on the invoices containing false information when approving loans. Farias admitted the relevant loans would not have otherwise satisfied the credit provider’s lending policies or would have been subject to more stringent lending policies.

“The false invoices also stated that approved loan funds should be deposited into bank accounts controlled by Ms Farias rather than into those of the vehicle suppliers entitled to the proceeds of the loan funds,” the regulator said in a statement.

“One loan application was also supported by a false payslip purporting to show a customer had earned year to date income of $30,857.86, when in fact he had only earned $8,496.04.”

ASIC said an additional $20,000 in loan funds and $4,675.80 in commissions received as a result of fraudulent invoices were transferred by Farias to independent referrers or others who benefited from the supply of the false information.

The Commonwealth Director of Public Prosecutions is prosecuting the matter which has been held over to 10 May 2016.

[Related: Former director found guilty of 'fraudulent misappropriation']

 

Ex-broker pleads guilty to loan fraud
mortgagebusiness

 

Latest News

“Subdued” market sentiment, credit policy and process changes have been the cause of ANZ’s below system mortgage growth, CEO Shayne El...

The property industry’s united opposition to Labor’s housing policy has been voiced in Canberra, while proponents of the housing reforms...

The decline in home values across Sydney and Melbourne has been “large by historical standards” and unreflective of a low mortgage rate...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The current mindset of the mortgage industry

Is enough being done to ensure responsible lending?