A former mortgage broker with ACT Mortgages has been prosecuted by the Commonwealth Director of Public Prosecutions after inducing a lender to approve low-documentation loans for seven borrowers.
Kelvin Skeers pled guilty in the ACT Supreme Court to seven charges laid by ASIC following an investigation into his conduct between December 2003 and September 2005.
Speers knowingly used false accountants' letters to induce a lender to lend to seven borrowers, who may have not otherwise successfully secured finance.
He was charged with one count under the Crimes Act 1900 (ACT) and six counts under the Criminal Code 2002 (ACT).
"Skeers was in a position of responsibility with both borrowers and lenders relying on his integrity. The consequences of his actions were to secure loans for borrowers and to secure commissions for himself," Justice Gray said.
Speers has been placed on a two-year good behaviour bond and was ordered by the court to perform 240 hours of community service.
"But for the remorse and shame expressed by Mr Skeers and his plea of guilty, imprisonment may have been an appropriate sentence," Gray said.
