Former broker pleads guilty to loan fraud - NOV 2020

According to an ASIC investigation, between 16 February 2017 and 17 May 2017, four customers engaged Dollars R Us to help them secure loans to purchase properties. 

Mr Ge assisted the customers to prepare and lodge home loan applications that were submitted to two National Australia Bank Ltd (NAB) lending entities.

In the loan home applications, Mr Ge was found to have falsely stated who the applicants were employed by and receiving salaries from.

ASIC had said that Mr Ge had operated a system whereby each of the applicants paid money to Australian Realty (now deregistered), of which he was sole director, which he would then transfer back to the applicants to give the false appearance that they were employed and earning a salary from the company.

ASIC outlined that of the loans submitted, two loans totalling $784,000 were approved and Mr Ge received a commission of $8,612.36 for them. 

The remaining applications were either withdrawn or refused.

Mr Ge pleaded guilty to five counts of contravening the National Credit Act at Downing Centre Local court on 10 November. 

At the time of the conduct, the maximum penalty for a breach of section 160D(2) of the National Credit Act was imprisonment for two years.

The matter has been adjourned for sentencing on 22 December 2020 at the Downing Centre Local Court.

[Related: Finance broker pleads guilty to making false statements]