Three former Sydney mortgage brokers have been banned for life by financial regulators after being accused of using fake documents to make more than 17 million of WPBC`s (Westpac) home loans.
Australian Securities and Investment Commission (ASIC) ruled that "Jeff" Zhao Xiaoyi (transliteration Xiaoyi Zhao),) "Leo" Jun Ma) and "Victor" Zhang Liang (Liang Zhang) supported 21 loan applications in connection with deliberately or recklessly providing fake employer letters and payroll to banks between 2015 and 2016.
ASIC said Monday that the companies nominated in the letters and payroll were based in China and did not hire customers applying for housing loans. The bills also show that these credit customers are paid much more than they actually earn.
"these actions led to Westpac issuing more than 17 million housing loans based on fake documents."
The three were banned from credit activities for life, but they had the right to appeal.
