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Wednesday 29 June 2016

16-209MR Former Sydney finance broker sentenced to intensive correction order

Former Sydney finance broker, Jennifer Mary Farias, has been sentenced to a one-year intensive correction order in the NSW Local Court after pleading guilty to 3 counts of loan fraud which resulted in her receiving more than $100,000.

She was also ordered to pay compensation totalling $100,000.00 to the credit provider for loan funds and commissions paid to her.

Ms Farias was the director of Motorcycle Finance & Insurance Pty Ltd (MFI), trading as Up N Riding. MFI arranged finance for vehicles such as motorcycles, cars and jet skis on behalf of its clients.

An ASIC investigation revealed that Ms Farias had received $96,270 in loan funds and $10,349.26 in commissions from a credit provider after submitting 10 fraudulent loan applications containing false invoices and false information. Loan funds totalling $20,000 and commissions totalling $4,675.80 were transferred to other persons after being paid to Ms Farias by the credit provider.

The invoices contained false information relied on by the credit provider when approving loans. Ms Farias admitted the relevant loans would not have otherwise satisfied the credit provider's lending policies or would have been subject to more stringent lending policies.

ASIC Commissioner Peter Kell said, 'It is vital that those working within the credit industry act honestly and diligently. ASIC will continue to protect consumers by taking action against those who commit loan fraud.'

Ms Farias entered her guilty plea in the NSW Local Court on 22 March 2016 (refer: 16-085MR).

Background

Since becoming the national regulator of consumer credit on 1 July 2010, ASIC has taken 79 actions involving loan fraud, including 60 actions to ban individuals and companies from providing or engaging in credit services or holding an Australian credit licence. ASIC has also commenced 13 criminal proceedings involving loan fraud.

Last updated: 30/03/2021 09:33