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Sydney broker convicted of $3.6m loan fraud

Staff Reporter 4 minute read

ASIC has helped convict a Sydney broker who created false documents in an attempt to secure more than $3.6 million of home loans.

ASIC announced today that Shashi Kanta Prasad of Chipping Norton was convicted by the NSW District Court and was required to enter into a good behaviour bond for 18 months.

“Judge Maiden noted Mrs Prasad's full cooperation with ASIC throughout the investigation, [and that] was a significant factor in the final judgment,” according to the regulator.

“ASIC's investigation led to Mrs Prasad pleading guilty earlier this year to four charges of fraud.

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“The charges related to the creation of false loan documents for seven clients in an attempt to secure home loans totalling more than $3.6 million.

“The illegal conduct obtained upfront and ongoing commission payments of more than $11,000.”

Deputy chairman Peter Kell said ASIC would continue to pursue those who engaged in criminal conduct, but that it also believed in encouraging and recognising cooperation.

“This case illustrates the potential benefits available to those who provide full and timely cooperation to ASIC and plead guilty to their offending at the earliest opportunity,” he said.

[Related: ASIC gives broker nine-year ban]

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Sydney broker convicted of $3.6m loan fraud
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