Mortgage broker sentenced following ASIC charges
A former ACT Mortgages (Tonadale Pty Ltd) mortgage broker has been sentenced following his guilty plea to the use of false accountant letters in an attempt to have low documentation (low doc) loans approved.
Kelvin Skeers of Queanbeyan, New South Wales, knowingly used false accountant letters to have low-doc loans approved by a lender for seven borrowers between December 2003 and September 2005, according to the Australian Securities and Investments Commission (ASIC).
Following an investigation into seven ASIC charges, Skeers was charged with one count under section 126(2) of the Crimes Act and six counts under section 347 of the Criminal Code.
Skeers was placed on a good behaviour bond for two years upon entering into a recognisance of $5,000, ASIC said.
He was also ordered by the ACT Supreme Court to perform 240 hours community service over the next 12 months.
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