A FORMER mortgage broker from Geelong, Victoria has been jailed following successful charges brought by the Australian Securities and Investments Commission.
Ronald Wynhoven of Teesdale was jailed after being found guilty of five counts of attempting to obtain a financial advantage by deception and three counts of obtaining a financial advantage by deception.
Wynhoven, an undischarged bankrupt and former mortgage broker, was sentenced in the Melbourne County Court to three years imprisonment with 12 months to serve. The remaining two years of the sentence was suspended for three years.
Wynhoven was also ordered to pay $200,000 compensation to one of the victims in the matter.
Wynhoven, a former director and operator of Seed Finance and Investments Pty Ltd and
R Wynhoven & Associates, both of which are currently in liquidation, induced a number of his clients to not only refinance their existing home loans through his business, but to use the equity in their homes to obtain a larger loan which would provide the clients with greater funds to invest with Wynhoven.
Wynhoven made a number of misrepresentations about the nature of the proposed investments, the level of risk involved and anticipated high returns.
Australian Property Journal
