A mortgage broker has appeared in the Melbourne Magistrates Court today charged with 10 counts of obtaining a financial advantage by deception after the Australian Securities and Investments Commission (ASIC) received several complaints from investors.
Hazel Bucello, 63, ran a mortgage broking business, Victorian Finance Broking Services (VFBS), in the Victorian suburb of Kew.
ASIC alleges that Bucello obtained over $2.2 million from a number of investors by falsely representing that the money would be on-lent to clients of VFBS and used to provide bridging finance. The loaned money was also allegedly secured against property owned by the clients.
After receiving complaints from a number of investors, ASIC referred the matter to the Commonwealth Director of Public Prosecutions.
At her hearing this morning Bucello was unconditionally bailed, with the matter listed for hearing on May 13.
