A former CBA employee has been found not guilty of conspiracy to commit fraud against the major bank, following a six-week-long trial.
A former mobile lender for the Commonwealth Bank of Australia (CBA), who stood trial for conspiracy to defraud the bank, has been found not guilty by a jury following a six-week-long trial.
In November 2017, Melbourne man Andrew Cameron was accused of, and later charged with, one count of conspiracy to defraud following allegations against him by the Australian Securities and Investments Commission (ASIC).
ASIC alleged that Mr Cameron conspired with others to defraud his previous employer, CBA, out of millions of dollars by providing false documents and information in support of home loan applications.
ASIC alleged that the conspiracy involved approximately 121 loan applications, which resulted in the major bank lending over $36 million to customers.
After a five-day committal hearing in the Melbourne Magistrates’ Court in October 2018, Mr Cameron was committed to stand trial in the County Court of Victoria.
At that time, Mr Cameron pleaded not guilty to the charge and was released on bail while awaiting his trial date.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions on behalf of ASIC.
The trial began in the Victorian County Court on 21 October 2019 and lasted for six weeks, one week longer than expected.
At the conclusion of the trial, Mr Cameron was found not guilty of the offence by a jury, and the court ruled in favour of the defendant.
Hannah Dowling is a journalist for The Adviser and Mortgage Business.
Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency.
SMEs remain one of the most underserviced client segments by big ...
The Mortgage & Finance Association of Australia has applauded...
Newly originated mortgages and refinance volumes in NSW reached a...