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Sydney woman pleads guilty to home loan fraud

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Australian Broker | 10 Jul 2014, 03:44 AM Agree 0
A Sydney woman has pleaded guilty to fraudulently obtaining more than $3.6m in home loans
  • GC | 09 Jul 2014, 12:57 PM Agree 0
    In this case I think the employer should also be charged. I seriously doubt the employer didn't know what was happening and more than likely instructed her on how to produce the fake docs.
  • Peter Economos | 09 Jul 2014, 01:14 PM Agree 0
    Her last name and the employers name is the same. Of course they both should be chucked out of the industry and charged. They want to do stupid things, then pay the price.
  • Clarke Kent | 09 Jul 2014, 01:20 PM Agree 0
    A serial offender with 41 known fraudulent documents!

    What possible benefit does this serve? At some point it is all going to hit the fan!.
  • Greg Uehling | 09 Jul 2014, 01:39 PM Agree 0
    That's a stretch of the bow GC. I have to believe the investigation carried over to the owner to confirm whether there was any involvement and if so they will be prosecuted as well. However to make that assumption is a bit of a stretch. Regardless, that's great another bad seed is taken out of the system and the business owner will be indirectly punished for their lack of due diligence on hiring.
  • VR | 09 Jul 2014, 01:51 PM Agree 0
    GC, read the article carefully - the 'employer' seems to be a related party as it shares the surname "Prasad"!

    If this is correct, then the 'corporate veil' should be lifted and the employer charged as well.
  • D | 09 Jul 2014, 01:57 PM Agree 0
    Hi GC, I agree that there is a chance that the fraud may have been known by the employer but it is just as likely that she was acting on her own. Commissions are a driver for people to bring in more deals for both the broker and the employer, not just the employer.
  • Stevo | 09 Jul 2014, 02:52 PM Agree 0
    When are we going to get it !!!!, at the end of this whole process and 99.9% of fraud involves a fraudulent customer. I hope at some point the legal system starts to bring them into the fraud under proportionate liability and criminal conviction. then and only then will they take responsibility for there OWN actions, and fraud cases will decline.
  • senior broker | 09 Jul 2014, 02:58 PM Agree 0
    How about innocent before proven. We know that Mrs Shashi Kanta Prasad has pleaded guilty however just because her employer also has the same surname cannot automatically make the employer guilty as well because they share the same surname. Sounds like a kangaroo court to me! Do you not feel ASIC is able to investigate properly?
  • Regional Broker | 09 Jul 2014, 03:01 PM Agree 0
    Raj Prasard and Co Pty Ltd , husband , father uncle or relative ?/ Did ASIC look hard at the files one hopes so , the article says she did this to obtain a financial advantage for her "employer" . One hopes ASIC looked at the "employer" as well . She may have been a director ? It would be interesting to know if the brokerage is still trading and accredited ?
  • Virendra Anand | 10 Jul 2014, 10:40 AM Agree 0
    Here we are trying to do the right thing by the clients and the trade saying no to deals not meeting the guidelines, and you hear these stories, how In the world do these people creat forged documents for years and still keep trading.
  • Peter | 10 Jul 2014, 01:13 PM Agree 0
    for the people who keep commenting that MAYBE the employer was not involved. How could any employer, especially one that shares the last name as the offender, not know what is going on in their own business? I find it impossible as a business owner that they could not have known. Could ASIC prove it? Maybe not, but that does not mean that they did not know anyway. Depends how they did their paperwork and that is all.
  • Ed Ridge | 11 Jul 2014, 10:29 AM Agree 0
    I think the question left unanswered is "where is the licencee in all of this, the compliance manager etc". ASIC needs to start taking action against those that are in positions of trust that allow this to happen. Look at CBA FC/Financial Wisdom while ASIC put some of the FP's on notice none of the management or compliance team were held accountable so therefore the bad practices continued. Some lessons need to learnt and they won't if you just keep attacking the lowest hanging fruit. It's time to climb up the tree and get some of the "really jucy fruit".
  • observer | 11 Jul 2014, 02:16 PM Agree 0
    Western system encourages total focus on money wealth so Individuals get caught in the dollar chase. System is at fault needs clean up.
  • GC | 14 Jul 2014, 10:06 AM Agree 0
    The Western system is called "Capitalism". We are too entrenched in this system and it will never change - and why should we. We just need to to ensure dishonesty and stupidity is removed from this industry.
  • Jwakko | 14 Jul 2014, 12:23 PM Agree 0
    The Western System? So North South and East system's don't have greedy or corrupt individuals? This has nothing to do with Capitalism or any system. It's purely dodgy individuals.
  • MCC | 14 Jul 2014, 12:36 PM Agree 0

    Capitalism encourages 'dishonesty'! The two go hand in hand. A great example is our taxation system where it's structured for individials to minimise tax. Libertarians love it! It's intent was to even out societies inequities to fund services for all & not just the few that could afford it. (roads , health, education etc). Lets start by broadening the tax base further & change the name of 'Taxation' to 'Community Contribution'. If you continue to push the barrow of the Libertarian then divides between rich & poor will continue to widen. That then creates civil unrest & you can see where that leads us. To end this comment - Shrouds dont have pockets! Get the drift!
  • GC | 14 Jul 2014, 01:10 PM Agree 0
    Capitalism doesn't encourage dishonesty and never has. Greed is the only thing to encourage it. You are as much involved in it as I am yet you clearly don't see it.
    I have absolutely no issues with having more than others because I got off my arse and educated myself and worked hard for what I have. We are all born equal - naked and uneducated. The difference is what we do in our lives to make the difference to our lives. Right through the centuries there has been uneven levels of society and it will never change. A fool will fight the system and blame it for his / her failings. A smarter person will work with the system.
    If you have little in life it might be smarter to employ the GOYA system - Get Off Your Arse.
  • MCC | 14 Jul 2014, 01:25 PM Agree 0

    Depends how you measure what you have. I have no desire to create material wealth. It means nothing to me. I'm happy to just help others. Unless you know the person you are dealing with it would be difficult to make personal judgements - My initial response was not made by way of personal judgement of you. It was simply made to express an alternate view on a subject. I run a successful business & have a wife that went through Hodgkins Lymphoma at 22 in 1988 following brothers suicide, had a lung removed 5 years later from radiation scarring, had a stem cell transplant at 32 due to Leukemia caused by initial Chemo, has had numerous bouts of Pneumonia , had a feed tube put in 2012, & had a heart attack in March this year. Has worked full time through all that illness & now weighs 37 kilos. I have three great boys, 28, 27 & 20 & I consider that I am very lucky!! So no need now for material possessions!!
  • Lakesh Raj FIPA | 21 Jan 2015, 01:14 PM Agree 0
    This is simply a disgrace to the accounting and financial industry where trust is paramound.

    Greed - breeds - Evil!
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