A former NAB branch manager in Sydney has been sentenced to 12 months imprisonment to be served by way of Intensive Corrections Order for making false and misleading statements in relation to 24 home loan applications.
Mathew Alwan had previously pleaded guilty to an 'intention to defraud by false or misleading statement' charge after he told NAB that an introducer had referred borrowers to make loan applications when it was really his uncle operating under the business name ‘Suit Club’.
The fraud occurred between October 2013 and September 2015 and resulted in NAB paying Suit Club $56,995 in commissions.
ASIC has taken further action regarding NAB’s Introducer Program, launching civil proceedings against the bank in August 2019.
“ASIC’s action against Mr Alwan now comes to a close, but its civil enforcement case against NAB itself demonstrates the broader litigation efforts ASIC is undertaking in respect to the NAB Introducer Program,” said ASIC deputy chair Daniel Crennan.
In delivering the sentence, Magistrate Atkinson said it was crucial that people in the industry understand how important it is to comply with the regulations.
Alwan will undertake 200 hours of community service and take part in ongoing rehabilitation treatment. Further, ASIC has permanently banned him from providing financial services.