An ASIC investigation has led to Mrs Shashi Kanta Prasad, of Chipping Norton, NSW, being convicted for creating false loan documents in an attempt to secure home loans totalling more than $3.6 million.
Appearing in the NSW District Court, Mrs Prasad was convicted and required to enter into a good behaviour bond for 18 months.
Judge Maiden noted Mrs Prasad's full cooperation with ASIC throughout the investigation was a significant factor in the final judgment.
ASIC's investigation led to Mrs Prasad pleading guilty earlier this year to four charges of fraud (refer: 14-161MR).
The charges related to the creation of false loan documents for seven clients in an attempt to secure home loans totalling more than $3.6 million. The illegal conduct obtained upfront and ongoing commission payments of more than $11,000.
Deputy Chairman Peter Kell said, 'ASIC will continue to pursue those who engage in this type of conduct, but it is also our policy to encourage and recognise cooperation from those we investigate.
'This case illustrates the potential benefits available to those who provide full and timely cooperation to ASIC and plead guilty to their offending at the earliest opportunity'.
The Commonwealth Director of Public Prosecutions prosecuted the matter.