A former NSW-based mortgage broker has pleaded guilty to 10 charges of providing false loan applications to lenders over a six-month period to secure approvals for home loans totalling almost $3.8 million.
Moustafa Dandachli, also known as Muzi Dandachli, 31, of Georges Hall, supplied the applications to two banks between July, 2011 to January, 2012.
The applications, for 10 people, included loans ranging from $196,000 to $640,000. Documents included employment history, tax returns and bank statements.
Dandachli appeared before Sydney’s Downing Centre Local Court and admitted to providing the documents knowing they were false or misleading.
He faces a maximum penalty of two years imprisonment, a fine of up to $11,000, or both, for each charge.
Dandachli, who was granted conditional bail, was committed to the Sydney District Court for mention on June 28, 2013. He will be sentenced at a later date.
He was authorised to provide credit services to consumers from December 23, 2010, until February 27, 2012, when his employer terminated his authorisation.
Dandachli was charged by ASIC under section 33 of the NCCP Act 2009 while he was engaging in credit activity on behalf of his employer. Section 33 makes it an offence for a person engaging in credit activities to give false or misleading information or documents to another person where that person knows, or is reckless as to whether such information or documents are false or misleading.
The Commonwealth Director of Public Prosecutions is prosecuting this matter.