A former mortgage broker has pleaded guilty to six charges, including making false statements and providing false documents to lenders to secure approvals for home loans totalling almost $7.5 million.
Hee Seng Lee, 58, of Dural, New South Wales, submitted the loan applications between April, 2006 and March, 2011.
The 12 applications related to loans ranging from $160,000 to $1.5 million and included applications that were in his name. The false statements related to the income and/or employment of the applicant and the false documents included payslips, taxation returns and notices of assessment purportedly issued by the ATO.
At the time of the offences, Lee was a director of A & H Vision Mortgage Group Pty Ltd which traded as H Lee’s Finance Co and Loan Care & Co. ASIC cancelled A & H Vision’s Australian Credit Licence on January 3, 2012.
Lee appeared before the Downing Centre Local Court earlier this week and admitted to providing the applications and supporting documents to the lenders knowing they were false or misleading. He also admitted to one charge of creating false documents.
The matter has been listed for sentence in the Sydney District Court on Friday August 9. Lee has been granted conditional bail.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Lee was charged with one offence under the National Credit Act, the penalty for which is a fine of up to $11,000 or two years’ imprisonment, or both. The other five charges were laid under the Crimes Act 1900 (NSW), which carry maximum penalties of either five years imprisonment or ten years imprisonment.
He is the third person in the last 12 months to plead guilty to charges brought by ASIC in relation to submitting fraudulent loan applications to lenders.