MONEY For Living director, Gary O'Neill was sentenced to 12 months imprisonment fully suspended in the Melbourne County Court.
O’Neill pleaded guilty to two charges of dishonestly brought by the Australian Securities and Investments Commission.
He has entered into a $1,000 recognisance to be of good behaviour for two years.
O’Neill, 38, admitted that he obtained mortgages from a financier totalling almost $1 million by submitting loan applications that failed to disclose the life tenancies attached to the mortgaged properties.
He further admitted that the business method involved purchasing property at a discounted rate, as opposed to the market rate, from the elderly and allowing them to remain in the property until they died.
Stephen O’Neill, who has entered a plea of not guilty, is to stand trial on four counts of dishonestly using his position as an officer of a corporation.
Stephen O’Neill is the brother of Gary O’Neill.
Australian Property Journal
