Former mortgage broker could face jail

australian securities and investments commission government and regulation ASIC

19 June 2013
| By Staff |
image
image
expand image

A former mortgage broker has pleaded guilty to 10 charges of providing false loan applications to lenders totaling almost $3.8 million.

Between July 2011 and January 2012, Moustafa Dandachli of New South Wales supplied a total of 10 applications to two banks with loans ranging from $196,000 to $640,000.

Documents included employment history, tax returns and bank statements.

The Australian Securities and Investments Commission (ASIC) charged Dandalchli under section 33 of the ‘National Consumer Credit Protection Act 2009'. The section makes it an offence for a person engaging in credit activities to give false or misleading information.

Dandalchi appeared before Sydney's Downing Centre Local Court and admitted to providing the documents knowing that the information was false or misleading.

He faces a maximum penalty of two years imprisonment, a fine of up to $11,000 or both, for each charge, ASIC stated.

Granted conditional bail, Dandalchli was committed to the Sydney District Court for mention on 28 June 2013. He will be sentenced at a later date.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

4 weeks ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

6 days 9 hours ago