Queanbeyan broker, Kelvin Skeers, has pleaded guilty to seven fraud charges following an investigation by ASIC.
Skeers, a former mortgage broker with Tonadale Pty Ltd (which traded as ACT Mortgages), was charged with one charge under s126(2) of the Crimes Act 1900 (ACT) and six charges under s347 of the Criminal Code 2002 (ACT) after an investigation into his conduct between December 2003 and September 2005.
The charges relate to Skeers knowingly using false accountants' letters with the intention of inducing a lender to approve low-doc loans for seven borrowers. Without this false documentation these borrowers may not have successfully secured the necessary finance.
Skeers pleaded guilty to all seven charges in the ACT Magistrates' Court on 10 October and will be sentenced on 26 November.
The Commonwealth Director of Public Prosecutions prosecuted the matter.