The director of financial services business Money For Living has been sentenced to 12 months imprisonment, fully suspended, after pleading guilty to two charges of dishonestly using his position.
Gary O’Neil, of Elwood Victoria, entered into a $1,000 recognisance deal of good behaviour for two years. O’Neil was charged following an investigation by the Australian Securities and Investments Commission (ASIC) found he obtained over $1 million in mortgages from a financier by submitting loan applications that failed to disclose the life tendencies attached to the mortgaged properties.
The business scheme involved purchasing property at a discount of market value from the elderly and allowing them to remain in the property until they died.
O’Neil’s brother Stephen O’Neil was also charged with four counts of dishonestly using his position as an officer of a corporation and has pleaded not guilty.
