Post: Credit broker sentenced for fraud offences

Trevor William King of Sydney, New South Wales, was sentenced in Parramatta Local Court on 10 February 2023 to a 14-month intensive corrections order after making false documents to obtain a financial advantage, contrary to s253(b)(ii) of the Crimes Act 1900 (NSW).

Between 2 July 2013 and 12 May 2016, Mr King created 74 false documents in support of 29 loan applications, including 57 false payslips, nine false PAYG payment summaries and eight false real estate documents.

Mr King used these false documents to support loan applications for clients of the credit brokerage businesses he part-owned and operated; JT King Finance Pty Ltd and Australia Enterprises Pty Ltd. Mr King or others would then obtain loan commissions for the approved loans.

The commissions Mr King and others obtained from the approved loans ranged from $643.50 to $6,795.36 in upfront commissions and $99.67 to $2,470.69 in trail commissions, with the total amount of commissions being $81,057.35.

When handing down the sentence, Magistrate Thompson remarked that Mr King was in a position of trust and that the quantum of financial benefit he received was not insignificant. Magistrate Thompson also noted the integrity of the home loan and credit industry, noting that those employed in the industry should be held to the highest level of probity.

Mr King pleaded guilty on 16 December 2022 (22-279MR) to six rolled-up charges. The offending is contrary to section 253(b)(ii) of the Crimes Act 1900 (NSW).

The Commonwealth Director of Public Prosecutions prosecuted the matter after a referral from ASIC.

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