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Two men behind multi-million home loan fraud operation sentenced

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Australian Broker | 17 Dec 2015, 07:00 AM Agree 0
Two men behind the multi-million dollar Myra Home Loan home loan fraud have had their sentences handed down in the Victorian County Court
  • E3PI | 17 Dec 2015, 08:58 AM Agree 0
    Apparently crime does pay if that's all they got. How is this meant to deter bad practice from the industry? What about all the people affected who might not be able to afford their homes and may end up homeless. Hardly justice.
  • Regional Broker | 17 Dec 2015, 11:25 AM Agree 0
    Oh dear a guilty plea, some remorse and a good barrister!! 170 million frauds over 600 application and we see community corrections orders, the crooks and fraudsters must be terrified and ceasing their activities?? I think not!! There is no deterrent, ASIC must be tearing their hair out.
  • Broker | 17 Dec 2015, 01:54 PM Agree 0
    I know of a broker that did similar through the one lender over many years (over 100 million in total) and was given a friendly tap by a major to just disappear and nothing else ever occurred. I believe after a 2-3 year "rest behind another broker" this person has since resurfaced as an accredited Broker in their own right.

    Yet don't dare miss a signature on a compliance doc or you will face the full force of the law!
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