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Ex-broker guilty of deception

Staff Reporter 4 minute read

A former mortgage broker has been charged with obtaining money by deception, after ‘assisting’investors to refinance their mortgages to fund investments he was promoting.

The Australian Securities and Investments Commission (ASIC) brought the charges against Rex Charles Goldring of Meadowbank in NSW, to which he pleaded guilty in the Local Court last week.

According to ASIC, Mr Goldring obtained money by deception under the NSW Crimes Act in relation to investments of almost $240,000 made by four investors.

Between February and September 2004, whilst a director of Australian Synergies Group, Mr Goldring obtained the deferral of the repayment of loans owed by the company to investors by omitting to tell the investors material information about their investments.

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Mr Goldring will be committed to the NSW District Court for sentencing on Friday 13 November.

Also making headlines last week, in an unrelated incident another former broker, Stephen Mark O’Neill, has been convicted in the Melbourne Magistrates Court on two charges of managing a corporation while disqualified.

Mr O’Neill pleaded guilty to managing Melbourne-based companies Money For Living and MFL Property Holdings, whilst disqualified between 12 July 2004 to 20 October 2005 and 24 September 2004 to 20 October 2005, respectively.

On 27 July 2001, Mr O’Neill was sentenced to a term of imprisonment of four years with a non-parole period of three years as a result of being convicted of contraventions of the Corporations Law and the Crimes Act (Vic). He was automatically disqualified from managing a corporation for a period of five years from the date on which he was released from prison.

Mr O’Neill was sentenced to perform 150 hours unpaid community work over 12 months.

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