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Broker pleads guilty to $3.6m home loan fraud

Staff Reporter 4 minute read

A Sydney broker has pleaded guilty to four charges of fraud, ASIC announced today.

ASIC said that Shashi Kanta Prasad of Chipping Norton had admitted to creating false loan documents for seven clients to secure home loans totalling more than $3.6 million.

“Mrs Prasad, 48, pleaded guilty in the Downing Centre Local Court to making seven false statements,” according to ASIC.

“She also pleaded guilty to producing 41 fake documents and instruments and using those statements, documents and instruments with the intention to obtain a financial advantage for her employer in the form of commissions.”

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ASIC alleges Mrs Prasad committed the offences between 2008 and 2011 while she was employed by Premium Financial & Retirement Solutions.

Mrs Prasad was committed to the Sydney District Court for sentencing on July 18.

The Commonwealth Director of Public Prosecutions is prosecuting this matter.

[Related: ASIC goes to court to uphold credit laws]

Broker pleads guilty to $3.6m home loan fraud
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