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Aussie broker admits to $5 million fraud

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Australian Broker | 07 Jul 2016, 10:34 AM Agree 0
A former Aussie broker has admitted to 18 fraud charges totalling over $5 million
  • South West Broker | 07 Jul 2016, 10:41 AM Agree 0
    Keep going ASIC. The more of these "Brokers" that are ousted from this industry the better the honest and hardworking brokers will be. Hope you throw the book it them.
  • James | 07 Jul 2016, 11:46 AM Agree 0
    Good riddance to those that bring our profession into disrepute. Of equal surprise is just what an Aussie broker gets paid on 3.7m in loans. I'd have to charge clients myself if I was getting that little
  • Concerned | 07 Jul 2016, 01:08 PM Agree 0
    "According to ASIC, Nair received commission on those twelve loans of $7,583.49"

    Interesting to say the least....
  • Newbie | 07 Jul 2016, 09:18 PM Agree 0
    Commission on 12 loans were $7,583.....average commission is $630 per loan approval. Aussie takes 70% and broker gets 30%?
  • Good to see some action | 07 Jul 2016, 09:47 PM Agree 0
    What of all those dodgy Foreign Investor Loans from the recent audit? They were all found to be dodgy, however have a better than average loan repayment history. Did all of them just got sweep under the rug because they're profitable?

    It's good that they've picked up on this single broker, how about looking at the big players from the audit?
  • OzBoy | 08 Jul 2016, 08:28 AM Agree 0
    I wonder if the commission splits with Aussie had any effect on his actions. If you're only getting 30% (as mentioned here) of the upfronts then this may lead to financial pressure which (as we all know) can lead to people making the wrong decision.
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