WA broker defrauds investors, given prison sentence

Jennifer DukeDecember 7, 2020

ASIC has banned former mortgage broker Catherine 'Kate' Anne Thompson of Mortgage Miracles Pty Ltd after she defrauded 24 investors of more than $4 million, leading to a five year and one month sentence in prison.

Thompson was convicted of stealing and, in three years and one month, will be eligible for parole. She is also expected to pay compensation to the victims.

Formerly of Canning Vale, WA, 53-year-old Thompson, between 2007 and 2008, managed to convince clients, including friends and members of her church, to part with hundreds of thousands of dollars for an investment scheme.

Having been a mortgage/finance broker from 2000 to 2008, and director of Mortgage Miracles, a company she set up, she was later investigated by WA Police.

ASIC's deputy chairman, Peter Kell, said that those working in the credit industry are expected to practice with high standards of honesty and integrity.

"Ms Thompson’s conduct fell well short of those standards, showing a persistent pattern of lying to people who trusted and relied on her," said Kell.

"This banning means that Ms Thompson cannot re-enter the credit and finance industry."

Thompson has the right of appeal to the Administrative Appeals Tribunal.

Property Observer has previously discussed the 2007 WA mortgage broker of the year when looking at Denise Bradley's thoughts about the banks' 'negligent and reckless' behaviour with low-doc loans.

jduke@propertyobserver.com.au

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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