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ISCOVER
Jessica Darnbrough
A mortgage broker has had his prison sentence appeal thrown out of court.
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Yesterday, the Victorian Court of Appeal dismissed the appeal against sentence by Michael Cay, who is serving four years imprisonment, following his conviction in December 2008.
Mr Cay has to serve a minimum of three years before he is eligible for parole – a sentence the broker was seeking to overturn on the basis of it being “manifestly excessive”.
The mortgage broker, who previously worked for Jewel Financial Services, was found guilty of obtaining property by deception and obtaining a financial advantage by deception.
According to court documents, Mr Cay pleaded guilty in 2008 to deceiving several investors of $475,149 to invest with Jewel.
In addition, the broker told his investors that the loans would be secured either against the borrowers property, or property owned by Jewel or that they money would be invested in a trust account. This did not occur.
