Advertisement
Powered by MOMENTUM MEDIA
lawyers weekly logo
Broker

Broker sentenced for loan fraud

by Huntley Mitchell3 minute read
The Adviser

A former Sydney finance broker has been sentenced to a one-year intensive correction order in the NSW Local Court after pleading guilty to three counts of loan fraud.

Jennifer Mary Farias, who was the director of Motorcycle Finance & Insurance (MFI), has also been ordered to pay $100,000 in compensation to the credit provider for loan funds and commissions paid to her.

MFI, which traded as Up N Riding, arranged finance for vehicles, including motorcycles, cars and jet skis, on behalf of clients.

An ASIC investigation revealed that Ms Farias had received $96,270 in loan funds and $10,349.26 in commissions from a credit provider after submitting 10 fraudulent loan applications containing false invoices and false information.

Loan funds totalling $20,000 and commissions totalling $4,675.80 were transferred to other persons after being paid to Ms Farias by the credit provider.
According to ASIC, the invoices contained false information which was relied on by the credit provider when approving the loans.

“Ms 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,” it said in a statement.

Ms Farias entered her guilty plea in the NSW Local Court on 22 March 2016.

default

JOIN THE DISCUSSION

You need to be a member to post comments. Become a member for free today!
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
You have 0 free articles left this month.
Register for a free account to access unlimited free content, or become a PREMIUM MEMBER to enjoy a wide range of benefits