Former mortgage broker gets 21 months
A former Sydney mortgage broker has been jailed for 21 months after being found guilty of fraud following an investigation by the Australian Securities and Investments Commission.
The man, Adrian Camilleri, was sentenced in the NSW District Court to 21 months imprisonment with a non-parole period of nine months.
He was charged following an investigation into his conduct between December 2005 and September 2006 while he was the sole director of Asset Finance Service Pty Ltd, which was a mortgage broking business that sourced lending capital from private investors.
The court was told that in December 2005 Asset Finance Service received $123,441 from an investor to be used for either investment in short-term secured loans or to be returned.
It was alleged that the funds were not invested and that Camilleri fraudulently omitted to account for them and that to date, the principal investment had not been repaid.
AUTHOR
Mike Taylor
Recommended for you
A Gold Coast-based financial adviser has been banned for four years by the corporate regulator after he provided inappropriate advice for Next Generation Advice regarding speculative and illiquid investments.
With $34.9 million in cash on its balance sheet, Fiducian executive chairman Indy Singh has said the licensee won’t be rushed into making large advice acquisitions or paying out special dividends.
ETF provider VanEck is set to launch its latest smart beta ETF – the MSCI International Growth ETF– ushering in a new growth international equities strategy.
Advancing research on the use of artificial intelligence in financial services, AMP has announced a strategic partnership with UNSW Sydney.
