Financial broker guilty of fraud
A South Australian finance broker has pleaded guilty to forging a memorandum of mortgage, to defraud $170,000 from an investor.
Following Malcolm Royce Jones' guilty plea and conviction at the District Court of South Australia last month, the Australian Securities and Investments Commission (ASIC) has been permanently banned him from providing financial services and engaging in credit activity.
Jones faced one count of aggravated deception and one count of aggravated dishonestly dealing with a document, involving the forging a memorandum of mortgage, which he used to defraud $170,000 from an investor.
Jones was sentenced to imprisonment for two years and five months, with a 15 month non-parole period, on 10 September 2014.
ASIC Deputy Chairman Peter Kell said, "People engaging in financial services and credit activities are expected to act with honesty and integrity".
"ASIC will ensure those engaged in fraud are removed from these industries."
AUTHOR
Nicholas O'Donoghue
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