Suspected fraudulent broker on the run

Kate Thompson, the former WA mortgage broker who is under investigation for alleged fraud, has fled to Hong Kong leading the police to issue an airport alert.

According to a report in The Australian, the major fraud squad has placed airports and ports on alert and asked them to contact police if Thompson returns to the country.

Thompson holds an English passport and is currently under investigation over claims that her company, Mortgage Miracles, falsely inflated the incomes of borrowers on application forms in order to boost the size of their home loans.

Thompson’s fall has been all the more remarkable considering how high she had climbed. In 2007, Thompson placed fourth in Mortgage Professional Australia’s Top 100 brokers after settling $110 million in loans.

Less than a year later, Thompson’s offices in Perth were raided by police after complaints from clients raised suspicions that she had been acting fraudulently. In November 2008, Mortgage Miracles was liquidated.

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