A former Westpac banker has been jailed after submitting loan applications totaling more than $2.5 million when he knew they contained false information and documents.
The investigation by the Australian Securities and Investments Commission (ASIC) found he encouraged elderly customers who he knew had limited financial means, to borrow hundreds of thousands of dollars against their homes, in order to invest in a property scheme, between 2008 and 2010.
A Queensland court sentenced the banker to 3 years imprisonment. ASIC has since banned him from engaging in credit activities and providing financial services.
Westpac has agreed to compensate the affected customers.
You can read the media release from ASIC here.
If you believe you may have been provided with a loan that was not suitable for you in your circumstances, please contact the Consumer Credit Legal Service (WA) Inc. Telephone Advice Line on (08) 9221 7066 for a free confidential discussion.