Powered by MOMENTUM MEDIA
subscribe to our newsletter

Loan writer penalised for fraud

A former Sydney finance broker has been sentenced to a one-year intensive correction order in the NSW Local Court after pleading guilty to three counts of loan fraud.

Jennifer Mary Farias, who was the director of Motorcycle Finance & Insurance (MFI), has also been ordered to pay $100,000 in compensation to the credit provider for loan funds and commissions paid to her.

MFI, which traded as Up N Riding, arranged finance for vehicles, including motorcycles, cars and jet skis, on behalf of clients.

An ASIC investigation revealed that Ms Farias had received $96,270 in loan funds and $10,349.26 in commissions from a credit provider after submitting 10 fraudulent loan applications containing false invoices and false information.

Loan funds totalling $20,000 and commissions totalling $4,675.80 were transferred to other persons after being paid to Ms Farias by the credit provider.
According to ASIC, the invoices contained false information which was relied on by the credit provider when approving the loans.

Advertisement
Advertisement

PROMOTED CONTENT


“Ms 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,” it said in a statement.

Ms Farias entered her guilty plea in the NSW Local Court on 22 March 2016.

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

 

Loan writer penalised for fraud
mortgagebusiness

Latest News

The chairman of the financial services regulator has resigned from his position, effective immediately. ...

Refinancing settlements for the first nine months of the calendar year 2020 are up 27 per cent on last year’s volumes, having peaked in Ju...

The Tasmanian-based lender has seen a 43 per cent rise in settlements in the first quarter of the financial year, driven by strong demand fr...

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: Victoria’s surprising appetite for new homes

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.