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Massive fraud allegations see Melbourne brokers arrested

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Australian Broker | 07 Jan 2015, 08:06 AM Agree 0
Two Melbourne brokers at the centre of a massive fraud investigation have been arrested
  • Clarke Kent | 07 Jan 2015, 09:18 AM Agree 0
    $110,000.000 of fraudulent loans before detected?

    Just goes to show all the checking and cross matching that goes on with the banks', took quite some time before some alarm bells were sounded.

    Thanks to individuals like this, we as redible brokers' will face even more secrutiny on bona fide transactions
  • Chris | 07 Jan 2015, 09:26 AM Agree 0
    Whilst I enjoy reading articles like this I'm also sick of reading articles like this.

    I'm sick of certain Brokers like this giving the rest of us a bad name. It's damaging to our industry.

    I genuinely hope that the authorities treat these 2 criminals harshly which will send a message and hopefully stop crimes like this happenning again.
  • Vic Regional Broker | 07 Jan 2015, 10:31 AM Agree 0
    It it just me or are we seeing a trend here with ASIC taking a long time to act? Also how slack are the abnks in accepting 350 loan applications with fraud , why did it take them so long?
  • Andrew Walmsley | 07 Jan 2015, 11:06 AM Agree 0
    Why does it take so long for ASIC to get these mongrels out of the industry. Three years?
  • Incognito | 07 Jan 2015, 12:48 PM Agree 0
    good grief.. unbelievable.

    Must have been some pretty convincing document forgery.

    300 loan applications across 12 banks O_o
  • Marty | 07 Jan 2015, 06:03 PM Agree 0
    Were the frauds just to get commissions on the loans? More details please
  • Paul NQ | 08 Jan 2015, 09:13 AM Agree 0
    I hope they get the maximum. It's people like this that tarnish the whole industry. Surely there were warning signs earlier, you can't tell me that amongst 300 loans there were no anomalies.
  • SEQ Broker | 08 Jan 2015, 09:43 AM Agree 0
    Fair Enough, these men consciously decided to defraud for financial gain. Here I am checking documents for a typo....
  • Mark | 08 Jan 2015, 07:05 PM Agree 0
    Nice compliance checks AFG..
  • charlie | 17 Jan 2015, 12:54 AM Agree 0
    isn't there check-n-balance in the industry? though broker only originate the loan, but underwriter has to check/approve the loan?
  • Canberra Broker | 13 May 2015, 10:57 AM Agree 0
    Methinks the customer/s clearly knew what was going on as well. They should be also be charged; obtaining credit by deception.
    I'm happy that ASIC took 3 years to bring this to a head....they obviously did their homework to ensure convictions for these major 2 criminals. Re Marty's question above; of course they did it for the commissions but also some significant extra under the table. Tax office should investigate ALL concerned as well, including the borrowers.
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