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
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
Despite the perception that short-term market events shouldn’t affect portfolio decisions, Praemium research finds 60 per cent of advisers have made portfolio changes in response to US President Donald Trump’s decisions.
International advice group Findex has appointed a senior individual to spearhead its M&A and growth operations across Australia and New Zealand, seeking to make the brand a household name.
