Former Sydney mortgage broker pleads guilty to submitting false documents to support $7.5 million in home loan applications

Former Dural mortgage broker Hee Seng Lee, 58, has pleaded guilty to six charges including making false statements and providing false documents to lenders to secure approvals for home loans totalling almost $7.5 million.

He is the third person in the last 12 months to plead guilty to charges brought by ASIC in relation to submitting fraudulent loan applications to lenders.

Five of the charges carry maximum penalties of either 5 years imprisonment or 10 years imprisonment. One carries a fine of up to $11,000 or two years imprisonment, or both

Lee submitted the loan applications between April 2006 and March 2011.

The 12 applications related to loans ranging from $160,000 to $1.5 million and included applications that were in his name. The false statements related to the income and/or employment of the applicant and the false documents included payslips, taxation returns and notices of assessment purportedly issued by the Australian Tax Office.

At the time of the offences Lee was a director of A & H Vision Mortgage Group Pty Ltd which traded as H Lee’s Finance Co and Loan Care & Co.

ASIC cancelled A & H Vision’s Australian Credit Licence on 3 January 2012.

Lee appeared before the Downing Centre Local Court earlier this week and admitted to providing the applications and supporting documents to the lenders knowing they were false or misleading.

Lee also admitted to one charge of creating false documents.

Lee has been granted conditional bail with a sentence to be handed down in the Sydney District Court on 9 August 

The Commonwealth Director of Public Prosecutions is prosecuting the matter.