Sydney credit broker sentenced for fraud

He faked documents to get loan commissions

Sydney credit broker sentenced for fraud


By Mina Martin

A Sydney credit broker has been slapped with a 14-month intensive corrections order for making false documents to obtain a financial advantage.

Trevor William King of Sydney, New South Wales, was sentenced in Parramatta Local Court on Feb. 10 after creating 74 false documents in support of 29 loan applications, including 57 false payslips, nine false PAYG payment summaries, and eight false real estate documents, between July 2, 2013, and May 12, 2016, ASIC said.

King used the false documents to support loan applications for clients of JT King Finance and Australia Enterprises, credit brokerage businesses he part-owned and operated. He or others would then obtain loan commissions for the approved loans.

The commissions obtained from the approved loans totalled $81,057.35, with the upfront commissions ranging from $643.50 to $6,795.36 and trail commissions from $99.67 to $2,470.69.

In handing down the decision, Magistrate Peter Thompson said the quantum of financial benefit King received was not insignificant. Thompson added that as someone in a position of trust and who is employed in the home loan and credit industry, King should be held to the highest level of probity.

King pleaded guilty on Dec. 16 to six rolled-up charges. The offences were contrary to section 253(b)(ii) of the Crimes Act 1900 (NSW) and he was prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.

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