A former mortgage broker has pleaded guilty to several counts of falsifying loan applications, after having engaged in an elaborate ploy to help five customers secure home loans.
Sydney-based Jia Ge has acknowledged he provided misleading information in five separate loan applications.
His admission came after an ASIC investigation found that between 16 February and 17 May 2017, four customers approached the company at which Ge was director, Dollars R Us, to help them secure loans to purchase properties.
Ge assisted each in preparing and lodging their home loan applications, which were then submitted to two NAB lending entities.
However, the issue was Ge had falsely stated the applicants were employed by, and receiving salaries from, Australian Realty Pty Ltd – another of his companies. The scheme involved each of the applicants paying money to Australian Realty which Ge would then transfer back to them, cultivating the false appearance they were employed and earning a salary.
Of the falsified applications, two loans totalling $784,000 were approved, resulting in Ge receiving a commission of $8,612; the remaining applications were either withdrawn or refused.
Since the fraud occurred, the Australian credit licence of the former New South Wales mortgage broker has been deregistered, ceasing activity at Dollars R Us as well as it had operated as a credit representative of Ge.
The matter has been adjourned for sentencing on 22 December 2020 at the Downing Centre Local Court.