Former Sydney brokers convicted for fraud
Two former Sydney brokers have been convicted of fraud following an investigation by the Australian Securities and Investments Commission (ASIC).
ASIC has permanently banned former NSW mortgage broker Moustafa Dandachli from providing credit activities in the future after he was convicted of falsifying loan application documents following an ASIC investigation.
He pleaded guilty in 2013 to 10 charges of providing false loan applications to lenders over a six-month period to clinch home loan approvals of almost $3.8 million.
The loans ranged between $196,000 and $640,000.
Dandachli admitted he knowingly provided income and employment documents that were false or misleading.
The NSW District Court handed down various penalties when he appeared in court, including nine months in jail, or be released immediately after entering into a two year good behaviour bond.
The court took into account Dandachli's cooperation with investigations, his remorse for acting dishonestly and good outlook for rehabilitation.
Finance broker Riyanka Puteri Shiraz was also convicted after she admitted using the identities of former clients to dupe a finance company to buy two cars, sell them to friends and keep the cash from the sale.
She pleaded guilty in March this year to two fraud charges, and appeared before the New South Wales District Court in May.
The fraud occurred in July and August 2012, when she worked as a business manager with finance broker We R Finance.
She was ordered to enter into two good behaviour bonds of 18 months and two years, to be served simultaneously.
The court took into account Shiraz's level of cooperation with investigations, her good character and early guilty plea when sentencing her.
AUTHOR
Staff Writer
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