Former Sydney Mortgage Broker Found Guilty of Fraud

From the ASIC website: 

Former mortgage broker Mr Adrian Camilleri was found guilty today on one count of fraud following an investigation by ASIC.

This followed an investigation into Mr Camilleri’s conduct between December 2005 and September 2006 while he was the sole director of Asset Finance Service Pty Ltd (under external administration).

Asset Finance Service Pty Ltd was a mortgage broking business that sourced lending capital from private investors. In December 2005 Asset Finance Service received $123,441 from an investor, the funds to be used for either investment in short term secured loans or to be returned. The funds were not invested and Mr Camilleri fraudulently omitted to account for them. To date the principal investment has not been repaid.

Mr Camilleri’s bail has been continued and the matter will return to the NSW District Court on 5 June 2009.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Share or Recommend article

Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!