Former CBA mobile lender to stand trial for loan fraud conspiracy

Annie Kane 10:17 AM, 12 Oct 2018 2 minute read

A former mobile lender for the Commonwealth Bank of Australia is to stand trial for conspiracy to defraud the bank, after allegedly providing false documentation for loans totalling more than $36 million.

Melbourne man Andrew Cameron is committed to stand trial for one count of the common law offence of conspiracy to defraud, after a five-day committal hearing in the Melbourne Magistrates’ Court, which concluded last week (5 October 2018).

The Australian Securities and Investments Commission has alleged that Mr Cameron conspired with others to defraud the big four bank by providing false documents and information in support of home loan applications.

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

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

The trial will be held in the County Court of Victoria. A date has not yet been fixed, but the next directions hearing is on 26 October 2018.

Mr Cameron has entered a plea of not guilty and remains on bail.

More to come.

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Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.

Email Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.