Powered by MOMENTUM MEDIA
the adviser logo
Broker

Former broker pleads guilty to loan fraud

by Reporter2 minute read

A former Sydney broker has pleaded guilty to three charges of loan fraud which resulted in her receiving more than $100,000.

Jennifer Mary Farias was the director of finance brokerage Mortgage Finance & Insurance, trading as Up N Riding (MFI). MFI arranged finance for vehicles such as motorcycles, cars and jet skis on behalf of clients.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

Appearing at Downing Centre Local Court in Sydney, Ms Farias admitted she had received $96,270 in loan funds and $10,349.26 in commissions from a credit provider as a result of submitting 10 loan applications through MFI which contained false information and invoices.

According to ASIC, the credit provider relied on the invoices containing false information when approving loans. Farias admitted the relevant loans would not have otherwise satisfied the credit provider’s lending policies or would have been subject to more stringent lending policies.

“The false invoices also stated that approved loan funds should be deposited into bank accounts controlled by Ms Farias rather than into those of the vehicle suppliers entitled to the proceeds of the loan funds,” the regulator said in a statement.

“One loan application was also supported by a false payslip purporting to show a customer had earned year to date income of $30,857.86, when in fact he had only earned $8,496.04.”

ASIC said an additional $20,000 in loan funds and $4,675.80 in commissions received as a result of fraudulent invoices were transferred by Farias to independent referrers or others who benefited from the supply of the false information.

The Commonwealth Director of Public Prosecutions is prosecuting the matter which has been held over to 10 May 2016.

Former broker pleads guilty to loan fraud
judge hammer  x
TheAdviser logo
judge hammer  x

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

mark pesce futurist ajxjkn

Automation is changing, not replacing, the role of finance brokers

On Thursday (4 August), the Australian Financial Review (AFR) ran a story with the headline: “Finance brokers top...

READ MORE
des hang carbar zaheer jappie carclarity ta qtvnqr

CarClarity confirms partnership with car subscription platform

Established in March 2020, CarClairty is a finance platform that connects car buyers with more than 30 different...

READ MORE
anthony albanese profile ta vtpifc

Further grants confirmed for flood survivors, $47m pledged

According to a statement released by the federal government, the Back Home grant will be made available to impacted...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more