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Broker admits to defrauding big four bank

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Huntley Mitchell 4 minute read

A former Queensland broker has admitted to eight charges of home loan fraud involving one of the major banks.

Emma Feduniw, a former mortgage broker with AHL Investments (trading as Aussie), appeared before Beenleigh Magistrates Court and admitted to the eight charges brought by ASIC relating to the falsification of employment documents to secure approvals for home loans submitted to Westpac.

ASIC’s investigation found that between March 2013 and February 2014, Feduniw – who is also known as Emma Khalil – submitted eight loan applications totalling $2,720,400 that contained false borrower employment letters.

Of the eight loan applications, five were approved and disbursed, totalling $1,608,400. Feduniw received $6,847.53 commission on those five loans.

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The eight loan applications ranged in value from $250,000 to $480,000, ASIC said.

Feduniw was authorised to provide credit services as a credit representative to consumers from 1 July 2010 to 4 April 2014 when Aussie terminated her authorisation. She received her commission through Miga Loans – a company controlled and owned by her.

ASIC charged Feduniw under section 160D of the National Consumer Credit Protection Act 2009 while she was engaging in credit activity on behalf of Aussie. Feduniw appeared in court and pleaded guilty to the charges on 1 April 2016.

She will re-appear in court on 3 June 2016 for sentencing, and faces a maximum penalty of two years imprisonment or a fine for each charge.

[Related: Former broker pleads guilty to loan fraud]

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Broker admits to defrauding big four bank
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