The Australian Securities and Investments Commission (ASIC) has today issued a statement announcing that former Sydney-based finance broker, Jennifer Farias, has been sentenced to a one-year intensive correction order after pleading guilty to 3 counts of loan fraud which resulted in her receiving over $100,000.
ASIC will continue to protect consumers by taking action against those who commit loan fraud.
Farias was the director of Motorcycle Finance & Insurance Pty Ltd (MFI), which arranged finance for vehicles such as motorcycles, cars and jet skis on behalf of its clients.
According to ASIC, Farias had received $96,270 in loan funds and $10,349.26 in commissions ... (read more)