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Ex-CBA employee charged for role in $36m ‘fraud conspiracy’

Ex-CBA employee charged for role in $36m ‘fraud conspiracy’

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A former employee of the Commonwealth Bank of Australia has been charged with conspiracy to defraud the bank, after providing false documentation for home loan applications.

Former CBA employee Andrew Cameron of Melbourne appeared before the Melbourne Magistrates’ Court today (10 November) and, after an investigation by ASIC, was charged with one count of the common law offence of conspiracy to defraud.

ASIC alleges that Mr Cameron conspired with others to defraud CBA by providing false documents and information in support of home loan applications.

The charges are linked to the hundred-million-dollar loan fraud conspiracy uncovered by ASIC’s investigation into Myra Home Loans.

Last month, a Victoria-based broker named Najam Shah, 58, formerly of Footscray-based finance broking company Myra Home Loans Pty Ltd, was sentenced to five years’ jail time after pleading guilty to one charge of conspiring to defraud financial institutions totalling $170 million.

ASIC alleges that the conspiracy involved approximately 121 loan applications and resulted in the CBA lending $36,420,040.00.

The maximum penalty for the offence is 15 years’ imprisonment.

Mr Cameron was not required to enter a plea and was bailed to appear before the Magistrates’ Court in Melbourne on 2 February 2018.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

 

Ex-CBA employee charged for role in $36m ‘fraud conspiracy’
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Annie Kane

Annie Kane

Annie Kane is the editor of The Adviser magazine, Australia’s leading magazine for mortgage brokers. As well as writing news and features on the Australian mortgage market, financial regulation, fintechs and the wider lending market – Annie is also the host of the Elite Broker podcast and regulator contributor to the Mortgage Business Uncut podcast. 

Before joining The Adviser team at Momentum Media in 2016, Annie wrote for a range of business and consumer titles, including The Guardian (Australia), BBC Music Magazine, Elle (Australia), BBC Countryfile, BBC Homes & Antiques, and Resource magazine.

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