Former mortgage broker convicted of fraud

The broker will serve jail time for falsifying home loan applications

Former mortgage broker convicted of fraud


By Mark Rosanes

A former mortgage broker has been convicted of multiple counts of falsifying loan applications after assisting clients in securing home loans using misleading information.

Jia Ge was sentenced to eight months imprisonment by the Downing Centre Local Court on 22 December. He was directed to be released upon giving a security of $500 and to be of good behaviour for two years.

Ge is also automatically disqualified from managing corporations for five years.

Last November, the Sydney-based broker pleaded guilty to helping customers provide false information on their mortgage applications on five separate occasions.

This came after an investigation by the Australian Securities and Investment Commission (ASIC) revealed that between February 16, 2017 and May 17, 2017, Ge assisted four clients in their home loans applications through his now deregistered credit company Dollars R US Pty Ltd.

Ge helped his customers prepare and lodge the applications to two National Australia Bank Limited (NAB) lending entities.

However, in the loan applications, the former broker falsely stated that his clients were employed by and receiving salaries from the now also deregistered real estate company Australian Realty Pty Ltd, where he was the sole director.

According to ASIC, the scheme involved the applicants paying the real estate firm money, which Ge would transfer back to their accounts, giving the false appearance that his clients were employed by and earning a wage from the company.

Two loans with a total value of $784,000 were approved, with Ge receiving a commission of $8,612.36. The remaining applications were either refused or withdrawn.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

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