Former NSW broker convicted of falsifying loan applications
An ASIC investigation and subsequent District Court conviction has found New South Wales-based former mortgage broker, Moustafa “Muzi” Dandachli, of Georges Hall, guilty of falsifying loan application documents.
These documents were in applications for 10 people that included loans ranging from $196,000 to $640,000, and saw home loans totalling almost $3.8 million over a six month period.
Dandachli pleaded guilty in 2013.
Income and employment documents were those that contained false or misleading documents, and he admitted to submitting these knowing that they were untrue.
A number of penalties were handed down by the District Court, including a nine month sentence in jail and then a two year good behaviour bond.
His remorse for acting dishonestly, cooperation with ASIC, and good prospects for rehabilitation were considered by the court.
He had been authorised to provide credit services from 23 December 2010 until 27 February 2012, upon which time his employer terminated his authorisation, Property Observer previously reported. He supplied the false applications to two banks from July 2011 to January 2012. The maximum penalty he could have been given would have been two years imprisonment, or $11,000, for each charge, or both.
Deputy chairman for ASIC Peter Kell said that loan fraud is unacceptable.
“ASIC’s campaign to identify and crackdown on loan fraud is continuing,” he said.
ASIC has banned Dandachli from providing credit activities in the future.
Dandachli operated under Prolink Finance Solutions as Senior Finance Executive, as well as working as a finance consultant with The Finance group in 2012. He was a 2011 finalist for Vow Financial's Altitude Award Broker Partner of the Year (Rising Star). In December 2011, Broker News reported that he was looking to recruit loan writers in a particularly busy market, even putting off his holidays until January due to the rush, with the RBA having chopped rates.
The MFAA had expelled Dandachli from membership in 27 August 2012, having been suspended on 6 July 2012 pending further investigations.