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Good Behaviour Bond After False Loan Documents for $3.6 Million of Mortgages

australianpropertyforum.com | September 17, 2014

By Jennifer Duke

Shashi Kanta Prasad, of Chipping Norton, New South Wales, has been convicted of four charges of fraud, in relation to creating false loan documents to secure mortgages totaling more than $3.6 million.

Although the ASIC investigation led to the conviction, Prasad was noted to have acted in full cooperation, a fact which was taken into account to in the conviction and decision to grant Prasad an 18 month good behaviour bond.

Prasad created false loan documents for seven clients, which resulted in her obtaining upfront and ongoing commission payments exceeding $11,000.

She previously pleaded guilty in the Downing Centre Local Court to making seven false statements, producing 41 fake documents and using those documents to obtain a financial advantage for her employer in the form of commissions.

This type of conduct sees the offender facing a maximum imprisonment of five years for one offence of obtaining a financial advantage by false or misleading statements and a maximum penalty of five years for one offence of intention to defraud by false or misleading statement. Offenders face a 10 year maximum penalty for one offence of using false instruments and a maximum penalty of 10 years for one offence of using false documents.

ASIC Deputy Chairman Peter Kell said that ASIC will continue to pursue those who engage in this type of conduct, but it is also their policy to encourage and recognise cooperation.

“This case illustrates the potential benefits available to those who provide full and timely cooperation to ASIC and plead guilty to their offending at the earliest opportunity,” said Kell.

 

Back to September 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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