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Former Sydney finance broker sentenced to intensive correction order

Staff writer |
Former Sydney finance broker, Jennifer Mary Farias, has been sentenced to a one-year intensive correction order in the NSW Local Court after pleading guilty to 3 counts of loan fraud which resulted in her receiving more than $100,000.

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She was also ordered to pay compensation totalling $100,000 to the credit provider for loan funds and commissions paid to her.

Farias was the director of Motorcycle Finance & Insurance (MFI), trading as Up N Riding. MFI arranged finance for vehicles such as motorcycles, cars and jet skis on behalf of its clients.

An ASIC investigation revealed that Ms Farias had received $96,270 in loan funds and $10,349.26 in commissions from a credit provider after submitting 10 fraudulent loan applications containing false invoices and false information.

Loan funds totalling $20,000 and commissions totalling $4,675.80 were transferred to other persons after being paid to Ms Farias by the credit provider.

The invoices contained false information relied on by the credit provider when approving loans.

Farias admitted the relevant loans would not have otherwise satisfied the credit provider's lending policies or would have been subject to more stringent lending policies.

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