An ASIC investigation found that Mathew Alwan made false and misleading statements to NAB in relation to 24 home loan applications, from which he profited $56,995 in commissions from the bank, and he was subsequently charged with one count of intention to defraud by false or misleading statement.
Mr Alwan had told the bank that a NAB introducer had referred the 24 borrowers under the loan applications to NAB when he knew that this was not true, it was reported.
The NAB introducer he claimed had assisted in the loan applications was Mr Alwan’s uncle, who had been operating under the business name Suit Club.
NAB’s “spot and refer” introducer program allowed third-party introducers registered with NAB to refer the name and contact details of potential borrowers to the bank.
If those borrowers took out a loan with NAB, then the introducer would receive a commission.
According to ASIC, this program is set to be terminated on 1 October this year after NAB reported that it had uncovered bankers engaging in fraudulent misconduct.
This misconduct case, which was featured as a case study in the Hayne royal commission, has already seen Mr Alwan permanently banned from engaging in credit activities and the provision of financial services by ASIC.
Mr Alwan will appear before the NSW Local Court on 1 October 2019 for sentencing.
About the author
