Mortgage broker convicted for fraud

Mr Nair was convicted after admitting to providing documents in support of 18 loan applications to Westpac, ANZ and NAB knowing that they contained false or misleading information.

The applications contained documents which claimed to be from the applicant’s employer, however they were false and in most instances the loan applicant had never worked for the particular employer.

Mr Nair was charged $1,000 and convicted and released on the condition that he be of good behaviour for three years.

ASIC deputy chair Peter Kell commented: “ASIC wants to ensure that dishonest brokers are removed from the industry and we will take all necessary steps to achieve this.”

Aussie has welcomed the sentencing today of the mortgage broker.

Mr Nair’s contract with Aussie was suspended on 24 June 2014 and then terminated on 7 July 2014 after serious breaches of Aussie’s strict code of conduct and legal, credit and compliance obligations were confirmed. The detailed investigation uncovered discrepancies and false documents in loan applications made by Mr Nair.

"Aussie fully cooperated with ASIC in its investigation, including providing ASIC with results of detailed internal investigations as well as loan files, supporting documentation and other evidence to assist ASIC in its prosecution," according to Aussie in a company statement.

"Aussie has a zero tolerance policy to any infringements and believes it has one of the most stringent compliance processes and policies in the industry. Aussie proactively and voluntarily reports any terminated brokers to ASIC and to lenders as part of its governance activity."