Major bank accused of blocking alleged broker fraud victims' legal bid

by Adam Smith30 Dec 2015
A major bank has been accused of blocking a legal bid by a couple allegedly defrauded by a former mortgage broker.

Commonwealth Bank has refused consent to have a default judgment set aside for a Mildura couple who were allegedly defrauded in part of a $100m scam, The Sydney Morning Herald has reported. Jim and Debbie Barker were approved for a $1.5m loan based on allegedly fraudulent documents, claiming Jim Barker, who was unemployed at the time, was receiving a salary of $343,000 per annum.

The couple claimed they had a loan, but were unaware of the $1.5m arrangement. They say they raised their concerns with a CBA loan manager. Despite being made aware of the alleged fraud in 2007, the bank did not refer the matter to the police until 2011.

Former mortgage broker and professional poker player Bill Jordanou was recently ordered to stand trial next year over the alleged fraud, along with accountants Robert Zaia and Scott Arthur, The Herald reported.

Another victim of the trio’s alleged fraud, said to amount to $100m, was unable to reach a settlement during a recent mediation with CBA lawyers, and will take a civil case to the Supreme Court next year, The Herald said.


  • by jc 30/12/2015 8:36:24 AM

    Typical CBA, biggest and the baddest for a reason.