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Former broker confesses to falsifying mortgage applications

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    A former mortgage broker caught falsifying loan applications has pleaded guilty to providing misleading information on five separate occasions.

    An investigation by the Australian Securities and Investment Commission (ASIC) revealed that between February 16, 2017, and May 17, 2017, Sydney-based broker Jia Ge assisted four clients in their home loans applications through his now deregistered credit company Dollars R US Pty Ltd.

    Ge helped his customers prepare and lodge the applications to two National Australia Bank Limited (NAB) lending entities.

    However, in the loan applications, Ge falsely stated that his clients were employed by and receiving salaries from the now also deregistered real estate company Australian Realty Pty Ltd, where he was the sole director.

    According to ASIC, the scheme involved the applicants paying the real estate firm money, which Ge would transfer back to their accounts, giving the false appearance that they were employed by and earning a wage from the company.

    Two loans with a total value of $784,000 were approved, with Ge receiving a commission of $8,612.36. The remaining applications were either refused or withdrawn.

    The case is being prosecuted by the Commonwealth Director of Public Prosecutions and has been adjourned for sentencing on December 21 at Downing Centre Local Court.

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    Original Article