Broking firm operator jailed
The operator of a Victorian finance and mortgage broking firm has been jailed for four years after being found guilty of charges that flowed from an Australian Securities and Investments Commission investigation.
The man, Michael Cay of Greenvale, Melbourne, who was the operator of finance and mortgage broking firm Jewel Financial Services, was sentenced after pleading guilty to four counts of obtaining property by deception and one count of obtaining a financial advantage by deception.
Cay admitted to the Melbourne County Court he had deceived several investors of $475,149.07 to invest with Jewel.
It was alleged Cay had told the investors the money was to be used by other Jewel clients seeking short-term loans and the loans would be secured against either the borrowers’ property or property owned by Jewel.
Cay was also ordered to pay $381,600 compensation to victims.
AUTHOR
Mike Taylor
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