Australia's corporate watchdog has permanently banned three people for providing false documents to Westpac, resulting in $17 million worth of home loans.
The corporate watchdog found Xiaoyi "Jeff" Zhao, Jun "Leo" Ma and Liang "Victor" Zhang were knowingly or recklessly involved in providing false employer letters and pay slips to the bank to support 21 loan applications between 2015 and 2016.
The companies nominated in the letters and pay slips were based in China and did not employ the customers concerned, the Australian Securities and Investments Commission said on Monday.
The pay slips also showed the customers were being paid much more than they actually earned.
"As a result of that conduct, Westpac financed over $17 million in home loans in reliance on false documentation," ASIC said in a statement.
The trio has been permanently banned from engaging in credit activities but has the right to appeal.
Source: Australian Associated Press
APRIL 30, 2018