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Mark Whittingham has been banned from being a company director for 15 years after the Melbourne Magistrates’ Court found him guilty of defrauding several real estate agents.
The court also ordered Mr Whittingham and his company, Connection Blue, to pay nearly $20,000 in costs and to advertise the court’s decision in the Herald Sun newspaper.
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The announcement comes just over a week after The Adviser revealed that Mr Whittingham was linked to a new scam targeting mortgage broking professionals.
The court order restrains Mr Whittingham and/or his company until 1 June 2023 from, in relation to rent rolls, mortgage trail books or planning books:
- disbursing, transferring, dealing with, drawing on or disposing of deposits received before sale and delivery;
- requesting any money from anyone for access to such assets; or
- requesting, disbursing, transferring, drawing on or disposing of any payment or other consideration (after this order was made) before delivery.
Speaking with The Adviser, CEO of the Mortgage & Finance Assocation of Australia Phil Naylor said it was "about time".
“It’s hard to know if this will be enough though. He has obviously ignored rulings from the courts in the past, so it remains to be seen – but it sounds like it will make it very difficult for him to operate from now,” Mr Naylor said.
The Adviser sought comment from Mr Whittingham, but he did not return calls.
Mr Whittingham’s wife, Kate Whittingham, is now conducting a similar business known as Rent Roll Buyers through the company Cali Four Pty Ltd.
Consumer Affairs Victoria is investigating similar complaints about this business.
