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An NSW credit broker has been charged with 74 offences of making false documents to aid home loan applications, ASIC reports.
Credit broker Trevor William King — between 2 July 2013 and 12 May 2016 — allegedly made 74 false documents with the intention these would be used to support loan applications, the Australian Securities and Investments Commission (ASIC) has reported.
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On 14 October 2022, Mr King of Sydney, NSW, appeared in the Parramatta Local Court, charged with 74 offences of making false documents under the Crimes Act 1900 (NSW).
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.
According to ASIC, Mr King part-owned and operated two credit brokerage businesses — JT King Finance Pty Ltd (JT King) and Australia Enterprises Pty Ltd (Australia Enterprises) — which assisted clients to obtain home loans, personal loans, credit cards and car loans.
Both businesses generated income by earning commissions on approved loans referred to lenders, ASIC explained.
It is alleged that in that time frame, Mr King made 57 false pay slips, nine false PAYG payment summaries and eight false real estate documents with the intention that he — or another person — would use them to support loan applications for clients of either JT King, or Australia Enterprises.
ASIC stated that Mr King or others would then obtain loan commissions for the approved loans.
The rules and regulations at hand
Mr King’s charge of 74 counts of making a false document to obtain a financial advantage is in contravention of section 253(b)(ii) of the Crimes Act 1900 (NSW), ASIC explained.
The maximum penalty per offence, when dealt with summarily, is two years imprisonment and/or 100 penalty units.
Similarly in Adelaide three months ago, ASIC blacklisted a broker over providing fraudulent information to five lenders.
According to ASIC, the Adelaide-based mortgage broker was “knowingly or recklessly involved” in the provision of false pay slips and false bank statements between May 2018 and March 2020.
Further, the watchdog said that these incorrect documents were supplied to five lenders over this near two-year period to support 11 home loan applications lodged on behalf of his customers.
[Related: Former ANZ employee banned for 5 years]
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