A Newcastle man who allegedly arranged a loan for an unemployed woman was sentenced in the Sydney District Court to enter into a good behaviour bond for two years, following an Australian Securities and Investments Commission (ASIC) investigation.
Mark Shalimov, who was a director of investment company Future Management Group (FMG) at the time the offences were committed in February 2003, was convicted on two counts of fraud in that he obtained a loan for his client by submitting a loan application with false information.
ASIC alleged that Shalimov completed a lo-doc loan application for his client and falsely indicated that she was employed at the time and in receipt of a gross wage of $101,000. Global Home Loans, FMG’s trading name, later received an $1,876 commission, of which Shalimov received a percentage.
Shalimov is automatically disqualified from managing corporations for five years.
