ASIC bans former lending officer for multi-million dollar home loan fraud

by Julia Corderoy02 Dec 2015
A former lending officer of boutique aggregator, Firstfolio Services, has been permanently banned from the industry after ASIC found he committed home loan fraud totalling over $3 million.

Bassem Fares has copped a permanent ban following an ASIC investigation and subsequent administrative hearing in which he admitted to creating false income verification documents and false letters of employment in support of six mortgage loan applications seeking loans totalling over $3 million during the period from December 2013 to March 2014.

According to ASIC, the false documents included six PAYG payment summaries which contained false information as to employment or income earned, 11 payslips that had not been issued the purported employer containing false ABNs or incorrect compulsory superannuation amounts and three reference letters from purported employers. 

“It is imperative that consumers and other participants in the credit industry can rely on the honesty and integrity of persons who engage in credit activities,” ASIC Commissioner Greg Tanzer said.