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Former CBA mobile lender to stand trial for loan fraud conspiracy

by Annie Kane8 minute read
cba mobile lender trial gavel loan fraud conspiracy

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.

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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.

[Related: Ex-CBA employee charged for role in $36m ‘fraud conspiracy’]

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AUTHOR

Annie Kane is the managing editor of Momentum's mortgage broking title, The Adviser.

As well as leading the editorial strategy, Annie writes news and features about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape.

She is also the host of the Elite Broker, New Broker, Mortgage & Finance Leader, Women in Finance and In Focus podcasts and The Adviser Live webcasts. 

Annie regularly emcees industry events and awards, such as the Better Business Summit, the Women in Finance Summit as well as other industry events.

Prior to joining The Adviser in 2016, Annie wrote for The Guardian Australia and had a speciality in sustainability.

She has also had her work published in several leading consumer titles, including Elle (Australia) magazine, BBC Music, BBC History and Homes & Antiques magazines.