An ongoing ASIC investigation has resulted in the permanent banning of former National Australia Bank (NAB) branch manager Mathew Alwan from engaging in credit activities and providing financial services.
The ban is the result of an extensive ASIC investigation in respect of NAB employees in greater western Sydney who were accepting false documents in support of loan applications and falsely attributing loans as having been referred by NAB introducers in order to obtain commissions. This conduct was the subject of the first case study before the Financial Services Royal Commission.
From 2012 to 2015, Mr Alwan assigned 101 home loans as being referred to NAB by an introducer, causing a total of $186,725 to be paid to the introducer by way of commission. ASIC found in 25 of these loan applications, Mr Alwan had knowingly given NAB false or misleading information and documentation.
The introducer in question is Mr Alwan’s relative, a fact he did not disclose to NAB and actively concealed from the bank when questioned.
ASIC found that Mr Alwan’s conduct was dishonest, deliberate and repeated.
ASIC also found Mr Alwan personally lent money to a NAB staff member who reported to him and to a NAB customer while loan applications by each of them were pending approval, creating an unacceptable conflict of interest.
Mr Alwan has the right to lodge an application for review of ASIC’s decisions with the Administrative Appeals Tribunal.
ASIC’s ongoing investigation is considering whether a brief for criminal charges should be referred to the CDPP.
On 16 November 2017, NAB announced a remediation program for home loan customers whose loans may not have been established in accordance with NAB’s policies.
NAB has identified that around 2,300 home loans since 2013 may have been submitted with inaccurate customer information and/or documentation, or incorrect information in relation to NAB’s Introducer Program.
Mr Alwan’s banning follows the permanent banning of former NAB employees Danny Merheb and Samar Merjan (also known as Samar Awad) from engaging in credit activities and providing financial services (refer: 18-205MR), and the seven year banning of former NAB branch manager Rabih Awad (refer: 18-211MR)