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Analyst Convicted of Falsifying Car Loan Applications

Tuesday, May 30, 2017 - Posted by Michael McCulloch

A former financial analyst of United Financial Services has been convicted in the Local Court in Darwin for falsifying loan documents.

Thuy Thi Vu was sentenced on 9 charges of submitting false or misleading information in support of loan applications. The applicants were typically referred to United Financial Services from local car dealerships. In an investigation by ASIC it was found that Ms Vu falsified the documents to show the applicants as residing in / around the Darwin metropolitan region whereas the applicants in fact resided several hundred kilometres from these locations.

The investigation revealed that if the lender, Esanda, who underwrites the loans, was aware of the actual location of the applicant the application would have been declined or referred for further assessment.

ASIC deputy chair, Peter Kell, said in a statement, "Documentation provided by 3rd parties in support of loan applications must reflect the consumer's personal and financial circumstances so that lenders can accurately assess their ability to repay the loan. Any actions taken by brokers or intermediaries to deliberately undermine this process is a criminal offence and ASIC will ensure offenders are brought before the Courts."

Ms Vu was convicted and required to enter into a recognisance for the sum of $2,000 to be of good behaviour for a period of 12 months.

Source: The Adviser - Car Finance Players Brought to Justice

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