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

“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

PROMOTED CONTENT


>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.

“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 chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability am...

Total household wealth reached a high of $13.4 trillion in the June quarter, primarily due to rising property prices, according to the Aust...

The property exchange settlement platform has been granted approval to establish an Electronic Lodgement Network in the ACT.  ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

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