Larry Schlesinger | 24 January 2013

Sydney mortgage broker convicted for using false documents to seek $3 million in mortgage approvals

A former Western Sydney mortgage broker who sought to gain approvals for mortgages worth $3 million using false information and documents has been convicted of 10 offences under the National Consumer Credit Protection Act 2009 (National Credit Act).

Daniel Nguyen, of Panania, pleaded guilty to 10 offences in September 2012 including providing false information and documents to banks to secure approvals for home loans totalling more than $3 million over a five month period.

At the time of the offences Nguyen was the sole director and sole employee of M.A.I Pacific Pty Ltd (trading as MAI Home Loans) in Bankstown.

The Sydney District Court imposed a two-year good behaviour bond on Nguyen

The conviction of Nguyen is the first under new national consumer credit protection legislation.

The loans Nguyen was involved in attempting to secure ranged from $112,000 to $536,900.00, with the average being approximately $350,000. Only one loan of $532,000 was approved.

In making the order, the court, among other things, took into consideration Nguyen’s level of cooperation with ASIC’s investigation, his good character and history and his remorse for acting dishonestly in this case.

ASIC Commissioner Peter Kell says brokers must familiarise themselves with their obligations under the National Credit Act.

‘They should know the law, read our guidance and seek additional or external advice if they feel they need it,’ says Kell

The Commonwealth Director of Public Prosecutions prosecuted the matter.



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