One of the men accused of being involved in a $100 million home loan scam of six banks will be spared jail after offering to give evidence against his co-accused.
Fairfax Media reported that Wayne John Collins was sentenced on Tuesday to a two-year community corrections order after pleading guilty to two counts of obtaining a financial advantage by deception.
Mr Collins had what judge Richard Maidment called a "secondary role but a vital one" in a "substantial enterprise" involving several co-accused, including champion poker player Bill Jordanou.
In May last year, Fairfax reported that Bill Jordanou appeared before the Melbourne Magistrates Court to answer 142 charges relating to fraud and theft between 2004 and 2013.
The alleged fraud involved CBA, 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.
It is understood Collins, 51, was charged in relation to the fraudulent re-financing of cars in August and September of 2013.
Fairfax reported that Mr Collins took to the witness box this week to pledge he would give evidence against his co-accused if required by the prosecution.
Judge Maidment read a statement Mr Collins gave to police and said he was satisfied the statement appeared to credible and "substantially truthful".
He said he would have jailed Mr Collins for three and a half years but for his plea of guilty.
"The willingness to assist the prosecution is to be treated as a very significant sentencing factor," the judge said.
Mr Collins was convicted and must perform 250 hours of unpaid community work as part of his court order.
Bill Jordanou, his wife and two other men are due to appear in Melbourne Magistrates Court next week.
Another co-accused is scheduled to stand trial in the County Court later this year, according to Fairfax.
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