Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Former broker pleads guilty to loan fraud

judge hammer  x judge hammer  x
Reporter 4 minute read

A former Sydney broker has pleaded guilty to three charges of loan fraud which resulted in her receiving more than $100,000.

Jennifer Mary Farias was the director of finance brokerage Mortgage Finance & Insurance, trading as Up N Riding (MFI). MFI arranged finance for vehicles such as motorcycles, cars and jet skis on behalf of clients.

Appearing at Downing Centre Local Court in Sydney, Ms Farias admitted she had received $96,270 in loan funds and $10,349.26 in commissions from a credit provider as a result of submitting 10 loan applications through MFI which contained false information and invoices.

According to ASIC, the credit provider relied on the invoices containing false information when approving loans. Farias admitted the relevant loans would not have otherwise satisfied the credit provider’s lending policies or would have been subject to more stringent lending policies.

Advertisement
Advertisement

“The false invoices also stated that approved loan funds should be deposited into bank accounts controlled by Ms Farias rather than into those of the vehicle suppliers entitled to the proceeds of the loan funds,” the regulator said in a statement.

“One loan application was also supported by a false payslip purporting to show a customer had earned year to date income of $30,857.86, when in fact he had only earned $8,496.04.”

ASIC said an additional $20,000 in loan funds and $4,675.80 in commissions received as a result of fraudulent invoices were transferred by Farias to independent referrers or others who benefited from the supply of the false information.

The Commonwealth Director of Public Prosecutions is prosecuting the matter which has been held over to 10 May 2016.

Former broker pleads guilty to loan fraud
judge hammer  x
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

PROMOTED CONTENT


judge hammer  x

 

more from the adviser
Beau Bertoli Greg Moshal 863x385jpg

Breaking News

Prospa squares up against banks, expands SME loan

The ASX-listed lender has flagged a new “all-in-one” business...

small business owner ta

Breaking News

Business credit demand bounces back in NSW

Data from the initial days of NSW reopening after lockdown has sh...

suburb

Breaking News

Hot Property: The biggest property headlines from the week 18-22 October

The weekly round-up of the biggest news stories from across Momen...