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A Western Australia-based mortgage broker has been permanently banned by ASIC after defrauding clients to fund a mormon utopia.
Catherine Anne Thompson of Mortgage Miracles Pty Limited was convicted of defrauding 24 investors of more than $4 million earlier this year to fund a fictitious ‘Mormonville’ housing village, and is currently serving a five-year jail sentence.
Between 2007 and 2008, Ms Thompson convinced her clients, including friends and members of her church, to part with hundreds of thousands of dollars for an investment scheme.
ASIC deputy chairman Peter Kell said the nature of the offences required drastic action.
“People working in the credit industry must demonstrate high standards of honesty and integrity. Ms Thompson’s conduct fell well short of those standards, showing a persistent pattern of lying to people who trusted and relied on her.
“This banning means that Ms Thompson cannot re-enter the credit and finance industry.”
During her court case, Ms Thompson claimed the fictitious facility would provide a physical and spiritual home for elderly parishioners in Canning Vale.
However, Ms Thompson used the money to fund her own property portfolio and pay the promised 17.5 per cent returns, with the Ponzi-style scheme eventually collapsing in 2008.
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