Former mortgage broker Jia Ge of Sydney, NSW has been convicted of giving misleading information in five home loan applications.

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

ASIC’s investigation found that between 16 February 2017 and 17 May 2017, four customers engaged Dollars R Us to help secure loans to purchase properties. The scheme involved each of the applicants paying money to Australian Realty Pty Ltd ACN 611 904 208 (Deregistered) (Australian Realty) of which Mr Ge was a former director. Mr Ge periodically transferred money back to the customers to give the false appearance that they were employees of Australian Realty and earning a regular salary.

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 preparing the loan home applications, Mr Ge falsely claimed the customers were employed by, and were receiving salaries from, Australian Realty. As a consequence, two loans totalling $784,000.00 were approved and Mr Ge received a commission of $8,612.36.

Mr Ge appeared in the Downing Centre Local Court on 22 December 2020 and was sentenced to eight months imprisonment and directed to be released upon giving security of $500.00 and to be of good behaviour for a period of two years.

As a consequence of the conviction, Mr Ge is automatically disqualified from managing corporations for five years.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

Background

On 10 November 2020, Mr Ge pleaded guilty to the charges (20-281MR).

Mr Ge was convicted of five counts of breaching s160D(2) of the National Consumer Credit Protection Act 2009 (Cth) (National Credit Act).