A former finance broker based in Sydney has been sentenced to a one-year intensive correction order in the NSW Local Court after being convicted of loan fraud.
Jennifer Mary Farias, the former director of Motorcycle Finance & Insurance, pleaded guilty to three counts of loan fraud which resulted in her receiving more than $100,000.
An ASIC investigation revealed that Farias had received $96,270 in loan funds and $10,349.26 in commissions from a credit provider after submitting 10 fraudulent loan applications containing false invoices and false information.
Loan funds totalling $20,000 and commissions totalling $4,675.80 were then transferred to other persons after being paid to Farias by the lender.
The invoices contained false information relied on by the lender when approving loans. She admitted to the court that the loans would not have otherwise satisfied the lender’s credit policies.
ASIC commissioner Peter Kell said: “It is vital that those working within the credit industry act honestly and diligently.”
“ASIC will continue to protect consumers by taking action against those who commit loan fraud.”
In addition to being sentenced to the correction order, Farias was also ordered to pay compensation totalling $100,000.00 to the lender for loan funds and commissions paid to her.