Aggregated News From Investment Management Regulators

Lending officer convicted of giving misleading information


Please complete the required fields.

Bassem Fares of Sydney, New South Wales, has been convicted of giving misleading information.

Mr Fares created misleading documents, which were then provided to financial institutions in support of loan applications.

Mr Fares, a former lending officer with Firstfolio Services Pty Ltd (Firstfolio), appeared in the Downing Centre Local Court having pleaded guilty to five charges of giving misleading information in the course of engaging in a credit activity.

An ASIC investigation found that between December 2013 and March 2014, Mr Fares created twelve payslips, six income tax payment summaries and three letters of employment to support five loan applications for clients who wanted to obtain loans.

Mr Fares submitted the false documents with ING Direct (Australia) Ltd and Bendigo and Adelaide Bank Ltd (the Banks). After submitting the documents, the Banks provided loans to two applicants for a total of $1,066,000.  Once Firstfolio became aware that the loan documents were misleading, they cancelled the loan applications for the three other applicants.

Mr Fares was convicted on 26 May 2020 and sentenced to eight months’ imprisonment, to be served by way of an Intensive Corrections Order, with conditions he perform 100 hours of community service and take part in rehabilitation.

The Office of the Commonwealth Director of Public Prosecutions prosecuted the matter on behalf of ASIC.


At the time, the maximum penalty for a breach of section 160D(2) was imprisonment for two years. The maximum penalty has since been increased to five years imprisonment.

ASIC banned Mr Fares from engaging in credit activity in September 2015 (refer: ).

Source link

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

SEC Office of Municipal Securities Issues FAQs for Registration of Municipal Advisors

The U.S. Securities and Exchange Commission’s Office of Municipal Securities today announced that it updated its Read more

IOSCO and Cambridge Judge Business School collaborate on a machine-learning pilot to assist emerging markets regulators

See PDF published by the International Organization of Securities Commissions (IOSCO) here: Read more

IFRS Foundation Monitoring Board meets in Tokyo, Japan

See PDF published by the International Organization of Securities Commissions (IOSCO) here: Read more

CySEC participates in Global Money Week 2023 promoting financial literacy in Cyprus

See a PDF of the Announcement published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

Information on climate-related matters in annual financial reports

The full report is now available in English. Please note that the cut-off date was 15 December 2022. This news item was originally published by the Financial Supervisory Authority of Norway (FSA NO).

Get the latest from Regulatory.News in your inbox!