A former finance broker has pleaded guilty to seven counts of giving false information and one fraud charge at the Perth Magistrates Court on Friday for swindling people with poor credit histories into getting car loans.
Corporate regulator Australian Securities and Investments Commission (ASIC) alleged that between January and April 2013 Peter Lachlan McDonald of ‘Get Approved Finance’ provided the lender Esanda (a business then owned by ANZ) information that falsely represented clients.
‘…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 said in a media statement.
Mr McDonald was accused of telling the lender that people who had only agreed to be loan guarantors were actually going to be the ones getting the loans.
ASIC said in one case he inserted what “purported” to be a client’s signature on an extended warranty policy and submitted the document to Esanda.