Sydney woman faces home loan fraud charges
A Sydney woman employed by a company trading as Premium Financial and Retirement Solutions has pleaded guilty to four charges of fraud after an investigation by the corporate regulator.
The Australian Securities and Investments Commission found she created false loan documents to secure home loans for seven clients worth more than $3.6 million.
Shashi Kanta Prasad, 48, pleaded guilty in Downing Central Local Court to making seven false statements between February 2008 and March 2011 while employed by Raj Prasad and Co Pty Ltd.
She also pleaded guilty to generating 41 fake documents and instruments and using them to gain a financial upper hand for her employer through commissions.
Prasad faces a maximum sentence of five years behind bars on two of the charges and 10 years’ jail on the other two charges.
She will be sentenced on 18 July by the Sydney District Court.
The Commonwealth Director of Public Prosecutions is prosecuting the case.
AUTHOR
Malavika Santhebennur
Recommended for you
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
