NAB banker charged with home loan fraud

by Miklos Bolza23 Nov 2017
Andrew Matthews, a former mobile banker with National Australia Bank (NAB), has appeared before the Melbourne Magistrates Court charged with falsifying home loan documents and attempting to defraud the bank.

According to ABC News, Matthews faces 49 counts of obtaining property by deception, one charge of attempting to obtain property by deception, one charge of conspiring to defraud and three counts of possessing proceeds of crime.

Overall, his activities and the commission gained allegedly netted him $825,000 in cash as well as a Ferrari.

Matthews has been accused of getting dozens of customers to sign documents falsifying they had been referred to NAB through its Introducer Program between 2012 and 2016. He was also accused of conspiring with a second individual to split any commissions gained.

A NAB spokesperson said the bank identified the alleged scam through its own internal checks and balances.

“We immediately reported him to Victoria Police, and have cooperated fully with their investigations.”

Matthews was named NAB’s mobile banker of the year for regional Victoria in 2015 before the bank terminated his employment in July last year, the spokesperson added.

ABC News reported that the accused is now on bail and will face the Melbourne Magistrates Court again in February.

This matter is separate to last week’s incident which saw 20 NAB bankers fired and 2,300 home loan customers remediated.

Related stories:

APRA suggests naming shamed bankers

Broker penalised for contract violation

NAB to remediate 2,300 home loan customers

COMMENTS

  • by OzBoy 23/11/2017 8:56:54 AM

    "A NAB spokesperson said the bank identified the alleged scam through its own internal checks and balances." I wouldn't put my name to that comment either.

    It took NAB 4 years to work out what was going on and they named him mobile broker of the year in 2015 so your internal checks and balances are not that robust are they?

    ASIC really need to look into these referral arrangements with lenders or is a Ferrari not considered a soft dollar commission?

  • by Country Boy 23/11/2017 1:25:21 PM

    There is only one option here if this person is found guilty, JAIL , it just greed.

    It makes you wonder why this took 4 years to be fixed not 4 months. The CBA could not detect 53,000 breaches of the AML/T regulations, and now the NAB have been caught with checks and balances that simply did not work in their referral programme loans and lending (OPPS) . Maybe all the big banks need to drop all referral programmes and the soft commissions and let the brokers really do their job well, and send business to the lender who best suits the clients needs .
    Enough is enough.

  • by Coastal Boy 24/11/2017 8:46:22 AM

    I agree Country Boy. Although, the banks are forced to pay referral program fees because so many brokers take the easy way out and pay referrer fees. Some aggregator/sub aggregator groups are even predicated on this behaviour as their USP.