Corrupt Brokers

Home Loan Experts v Nassif Isaac [2017] NSWSC 1077

Mortgage originators / brokerage companies can rest assured that their client lists can be safeguarded through restraint of trade clauses after the decision in Dargan Financial Pty Ltd ATF the Dargan Financial Discretionary Trust (trading under “Home Loan Experts”) v Nassif Isaac(1). They must, however, make provision for who owns the client information in their agreement, …

Home Loan Experts v Nassif Isaac [2017] NSWSC 1077 Read More »

Smart v AAI [2015] NSWSC 392

A mortgage broker misappropriated his client’s funds which they had agreed to on-lend but never did and was found liable for breach of contract and false and misleading conduct. The court’s finding that the broker was liable in contract meant that the client’s loss was not at risk of being reduced by any proportionate liability …

Smart v AAI [2015] NSWSC 392 Read More »

Landa v Perpetual Trustees Victoria [2014] NSWCA 393

We have previously reported the trial judge’s decision in this case. A doctor was hoodwinked by a fraudulent mortgage broker. The broker told the borrrower he was going to invest money the doctor had, as well as money he arranged for the doctor to borrow from Perpetual Victoria. Instead, he misappropiated it. The doctor sought declarations …

Landa v Perpetual Trustees Victoria [2014] NSWCA 393 Read More »

NAB v Smith [2014] NSWSC 1605

A naive, simplistic salesman was talked into buying a two year old business where he worked as a salesman for $2 million. He had no inkling of the businesses financials but the bank did and encouraged him. The bank also fell victim to questionable documents emanating from a broker’s office.  The parents of the borrower …

NAB v Smith [2014] NSWSC 1605 Read More »

Rubino v ANZ [2014] NSWCA 362

A husband and wife owned three properties, living on one and operating a flower farming business on the other two. They borrowed money from the bank. There was a dispute with the bank which ultimately resolved at farm debt mediation, the bank reducing the debt from $6M to $2M and releasing their home. They allowed …

Rubino v ANZ [2014] NSWCA 362 Read More »

Landa v Perpetual Trustees Victoria [2013] NSWSC 1685

A doctor was defrauded of $1.65m by a mortgage broker, who convinced the doctor to mortgage his properties and re-invest those monies to earn a higher rate of interest. Instead of investing his client’s monies, the mortgage broker misappropriated the money. The lender sued for possession of the properties. The doctor sued the lender on …

Landa v Perpetual Trustees Victoria [2013] NSWSC 1685 Read More »

Perpetual Trustees v Cox [2013] NSWSC 1583

A husband and wife borrowed monies refinance their mortgage and to have funds undrawn but set aside for future drawdown. However at settlement their broker sent through a direction requiring the funds to be paid into the broker’s account. When the husband and wife found out they tried to confront the broker. The husband showed …

Perpetual Trustees v Cox [2013] NSWSC 1583 Read More »

NAB v Zerafa [2013] NSWSC 1515

The bank called up the loan on the grounds that bank statements used to procure the loan had been doctored. The borrower’s defence alleged: The Business purposes declaration and guarantee were forgeries which he did not sign. The Bank statements in question were undoctored at the time they were handed to the bank’s lending manager. …

NAB v Zerafa [2013] NSWSC 1515 Read More »

Scroll to Top