A CANBERRA mortgage broker has is facing criminal proceedings in the ACT Magistrates' Court following an Australian Securities and Investments investigation.
Kelvin Skeers of Queanbeyan,
He is facing one charge under s126(2) of the Crimes Act 1900 (ACT) and six charges under s347 of the Criminal Code 2002 (ACT) following an ASIC investigation into his conduct between December 2003 and September 2005.
ASIC alleges Skeers knowingly used false accountants’ letters with the intention of inducing a lender to approve low-documentation loans for seven borrowers.
Low-doc loans are where the lender determines eligibility by relying on statements by the borrower that they can meet the repayments, rather than requiring documents to prove income, assets and liabilities.
ASIC said without this false documentation, these borrowers may not have successfully secured the necessary finance.
The matter has been adjourned until September 05.
Australian Property Journal
