A former finance broker has been convicted of two fraud charges following an ASIC investigation.
Riyanka Puteri Shiraz, of Canterbury, New South Wales, admitted to using the identities of former clients to defraud a finance company to purchase two cars, sell them to friends and keep the cash from the sale.
The fraud occurred in July and August 2012 when Shiraz worked as a business manager with finance broker We R Finance. She was also a finance broker, ASIC said.
She pleaded guilty in March 2014 to two fraud charges.
When she appeared before the District Court of NSW on 23 May, Shiraz was ordered to enter into two good behaviour bonds of 18 months and two years, to be served concurrently.
The court took into account Shiraz’s level of cooperation with ASIC’s investigation, her good character and her early guilty plea when sentencing her.
ASIC Deputy Chairman Peter Kell
said finance brokers play an important role in the credit industry and it is vital they do not abuse the trust placed in them by both consumers and lenders.
“ASIC has no tolerance for loan fraud involving false loan applications and related documents. Our message is simple: if you engage in loan fraud, then expect ASIC to take action against you.”
The Commonwealth Director of Public Prosecutions prosecuted the matter.