Former mortgage broker could face jail
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.
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
