Former mortgage broker Jia Ge of Sydney, New South Wales has pleaded guilty to charges of giving misleading information in five separate loan applications. 

Mr Ge was a former mortgage broker and former director of Dollars R Us Pty Ltd (Deregistered) ACN 165 438 595 (Dollars R Us). Mr Ge previously held an Australian credit licence (ACL) and Dollars R Us operated as a credit representative of Mr Ge.

An ASIC investigation found that between 16 February 2017 and 17 May 2017, four customers engaged Dollars R Us to help them secure loans to purchase properties. Mr Ge assisted the customers to prepare and lodge home loan applications that were submitted to two National Australia Bank Limited (NAB) lending entities.

In the loan home applications, Mr Ge falsely stated the applicants were employed by, and receiving salaries from, Australian Realty Pty Ltd (Deregistered) ACN 611 904 208 (Australian Realty). Mr Ge was the sole director of Australian Realty.

The scheme involved each of the applicants paying money to Australian Realty which Mr Ge would use to transfer back to the applicants giving the false appearance they were employed and earning a salary from the company that supposedly employed them.

Two loans totalling $784,000.00 were approved and Mr Ge received a commission of $8,612.36. The remaining applications were either withdrawn or refused.

The matter is being prosecuted by Commonwealth Director of Public Prosecutions.

Background

Mr Ge plead guilty to five counts of contravening s.160D(2) of the National Consumer Credit Protection Act 2009 (Cth) (National Credit Act). At the time of the conduct, the maximum penalty for a breach of s.160D(2) was imprisonment for two years.

Mr Ge appeared in the Downing Centre Local Court on 10 November 2020. The matter has been adjourned for sentencing on 22 December 2020 at the Downing Centre Local Court.