An Indian-origin mortgage broker has been convicted and sentenced for submitting false and misleading information to banks.
Madhvan Nair, a former mortgage broker with AHL Investments Pty Ltd was convicted after he pleaded guilty to seventeen charges involving submitting false employment documents of the borrowers to ANZ, NAB and Wespac banks.
For each and all eighteen charges, Mr Nair was convicted and released upon entering into a recognizance in the amount of $1,000 on the condition that he be of good behaviour for three years.
In sentencing Mr Nair, Magistrate Atkinson noted that it was a serious matter and that there are tough laws for good reason.
Magistrate Atkinson described the nature of the offending in submitting 18 separate loan applications containing false information or documents as very troubling. Noting Mr Nair had no prior convictions, his ill health, the relatively small financial benefit he received, his plea of guilty and high level of cooperation with ASIC, Magistrate Atkinson stated that had any of the factors been different, the defendant may have faced full-time imprisonment.
ASIC Deputy Chair Peter Kell said, 'ASIC wants to ensure that dishonest brokers are removed from the industry and we will take all necessary steps to achieve this.'
ASIC's investigation found that between September 2012 and June 2014, Mr Nair submitted eighteen loan applications containing false borrower employment documents. Of the eighteen loan applications, twelve were approved and disbursed, totaling $3,256,684.
Mr Nair received commission on those twelve loans of $7,583.49. In addition, Mr Nair received cash payments totalling $2,500 from two of the loan applicants upon approval of their loan applications. Mr Nair received a total financial benefit of $10,083.49 as a result of the approved loan applications.
The eighteen loan applications ranged in value from $10,000 to $490,875.
Mr Nair was sentenced on 30 August 2016.
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