Broker pleads guilty to fraud

by Adam Smith26 May 2015
A NSW broker has pleaded guilty to fraud charges brought by ASIC.

Shiv Prakash Sahay, a former Aussie Home Loans broker, pleaded guilty in Downing Centre Local Court to making false statements, making false documents and using false documents. ASIC said Sahay made the statements and used the documents for loan applications with Bankwest and Suncorp totaling around $7m.

Of the $7m in loans for which Sahay applied, ASIC said nearly $4.8m were approved.

"The credit laws are designed to protect borrowers from loans they cannot afford. ASIC will act against dishonest mortgage brokers who flout the law for their own financial gain with little regard for the interests of their clients," ASIC deputy chairman Peter Kell said. "ASIC is targeting loan fraud and we will continue to remove brokers and other credit representatives who engage in fraudulent activity from the lending industry."


  • by Regional Broker 26/05/2015 3:00:17 PM

    Gosh I hope this ends well for ASIC and not a slap on the wrist bond.

  • by A. Sic 26/05/2015 3:42:06 PM

    Welcome to Dodge City yeeeeeeeeha

  • by Arvin 26/05/2015 5:54:38 PM

    ASIC should now take a long look at the rest of the industry...