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Six banks hit in alleged $100m loan fraud

Staff Reporter 3 minute read

A professional poker player has allegedly used a home loan scam as part of a fraud scheme that reaped $100 million, a court has heard.

Fairfax Media reported that Bill Jordanou appeared before the Melbourne Magistrates Court on Wednesday to answer 142 charges relating to fraud and theft between 2004 and 2013.

Mr Jordanou said he would defend himself against the charges.

“Prosecutor Luke Excell told the court the Commonwealth Bank of Australia was the original complainant in the ‘particularly complex’ case,” according to the Australian Financial Review.

“At the time, just $9 million was at issue, but investigations had since brought that total closer to $100 million,” Mr Excell said.

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The alleged fraud also involved ANZ, Westpac, Bankwest, St George and Bank of Queensland.

It was “often in the form of a home loan or an electronic transfer into a home loan account,” according to The Age.

The prosecution said Mr Jordanou was "alleged to have drawn funds using false client approvals and invoices", which were then used across various property developments, The Age reported.

“Property development loans were allegedly obtained with false documents including ATO documents, letters of employment and financial statements.”

Mr Jordanou was released on bail and will next appear before court on September 17. Four others were also involved in the alleged fraud.

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Six banks hit in alleged $100m loan fraud
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