Sydney broker sentenced for $7m mortgage fraud

YuminAU

from http://www.theadviser.com.au/

A former Aussie Home Loans broker has been sentenced for three fraud charges issued by ASIC.

Shiv Prakash Sahay of Lidcombe, a former credit representative of AHL Investments trading as Aussie Home Loans, was sentenced to 350 hours of community service on three charges of making false statements, making false documents and using false documents, according to the regulator.

These statements and documents were contained in loan applications submitted by Mr Sahay for his clients to Bankwest and Suncorp Bank, ASIC said.

“ASIC’s investigation found that between 14 November 2011 and 6 August 2013, Mr Sahay, whilst a credit representative of Aussie Home Loans, made false statements in loan applications and created and used false bank statements for 17 of his clients to attempt to secure home loans totalling approximately $7 million,” the regulator said in May.

“Of the $7 million in loans for which Mr Sahay applied, $4.796 million were approved.

“Ask Consultancy Services, a company controlled and owned by Mr Sahay, received over $5,500 in upfront commissions and then ongoing commissions as a result of Mr Sahay's offending.”

ASIC commissioner Peter Kell said the reputation of the lending industry depends on mortgage brokers and other credit representatives acting honestly and in compliance with the credit laws.

“ASIC will vigorously pursue offenders involved in falsifying loan documents and other statements for their own financial benefit,” he said.

Mr Sahay was expelled from the MFAA in February last year for “dishonest and fraudulent” conduct.

Since becoming the national regulator of consumer credit in 2010, ASIC has launched criminal proceedings against 11 individuals, resulting in seven convictions for various offences and four defendants currently before the courts.

ASIC has also banned 34 individuals/companies from providing credit services or holding a credit licence, including 18 bans/cancellations.

雾沉半垒

这是去年7月初的新闻，为啥过了大半年了才在华人圈闹得沸沸扬扬

渔妇

11年到13年的事情，去年出消息。前几年的fraud会不会陆陆续续地查呢？

salp

罚做350小时义工，简直笑话

batigol

被查到的话，是几十万分之一的几率。而且这个被查的还是个中东人，华人中介不会这么蠢

小白猪猪

7M在大悉尼不到10套房子的贷款。