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A bankrupt mortgage broker has been convicted on two counts of fraud, following charges brought by the Australian Securities Investments Commission (ASIC).
Mark Damian Russell, an undischarged bankrupt and former director of the failed company Oz Choice Home Loans, was charged with fraudulently concealing company assets and diversion of mortgage trailing commissions.
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According to ASIC’s investigations, Mr Russell siphoned trailing commissions after Oz Choice Home Loans went into liquidation and deposited them with another company.
Mr Russell was found to have breached the Corporations Act for fraudulently concealing company assets from the liquidator.
Separately, Mr Russell failed to notify the liquidator that the company had provided mortgage broking services and had an operating bank account – hampering the liquidator’s performance.
Mr Russell was convicted and sentenced on 7 December 2009 to 150 hours of community service to be served over 18 months.
