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Finance Broker Pleads Guilty to Loan Fraud

Friday, April 27, 2018 - Posted by Michael McCulloch

A former finance broker has appeared before the Perth Magistrates' Court following charges being laid over giving false information and fraud.

ASIC allege that between January 2013 and April 2013 that Peter Lachlan McDonald of "Get Approved Finance" provided Esanda information that falsely represented consumers. In a statement to the media ASIC said, "...between January 2013 and April 2013, Mr McDonald, in the course of brokering four motor vehicle finance contracts, provided the lender Esanda with information that falsely represented that persons, who had in fact only agreed to be loan guarantors, were the applicant borrowers who would ultimately own the vehicle to be financed."

ASIC went on to say that in 1 case Mr McDonald inserted what he "purported" to be a consumers signature on an extended warranty policy and submitted the documents to Esanda.

Following an investigation by ASIC Mr McDonald was permanently banned in July 2015 from engaging in credit activities and providing financial services with a number of Get Approved Finance Brokers also being banned by ASIC for similar actions. 

We had previously reported ANZ had been found to have breached responsible lending laws with ANZ, the former owner of Esanda, agreeing to compensate more than 70 borrowers a total of $1.38 million for car loans organised by Get Approved Finance.

Mr McDonald has pleaded guilty to the charges and and was bailed to appear on Thursday, 10 May 2018 for sentencing.

Source: Sydney Morning Herald - April 2018

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