Fraud

Provident Capital (in liquidation) v French [2015] NSWSC 1827

The borrower and lender agreed to settle proceedings and have consent judgment entered if the borrower did not obtain default judgment against his former business partner for breaching an alleged agreement between them by a certain date (which involved the partner paying off the borrower’s mortgage debt in return for a % interest in an …

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Pioneer Mortgage Services v Columbus Capital [2015] FCA 1067

A securitisation funder bought a loan book associated with mortgages originally funded by a bank and became subject to the bank’s obligations in its origination deeds. The originator’s employee stole money from borrowers by carrying out fraudulent redraws, which went undetected for 7 years because the originator had no system in place to cross-check redraws …

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Titles Strata Management v Nirta [2015] VSC 366

The case has been the subject of an earlier case note, where it was held that the wife’s signature was forged and while the fraud could not be sheeted home to the lender, the covenant to pay in the loan was not incorporated into the mortgage and so the mortgage secured nothing. The matter before …

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Xiao v Perpetual Trustees Victoria [2015] VSCA 124

A husband obtained finance by transferring his home to his wife and applying for the loan in his wife’s name, forging her signature. The trial judge found lender was unable to rely on its mortgage (as it was a forgery) but found that the home was held on trust for the husband and ordered its …

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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 …

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Titles Strata Management v Nirta [2015] VSC 187

A husband and wife mortgaged their pizza shop (registered) and home (unregistered) to secure a short term loan with interest at 8% per month (96% per annum) which they defaulted on. The lender obtained judgment against the husband but the wife claimed that her signature was forged. The court believed the wife that her signatures …

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Britroc Investments v PT [2015] NSWSC 524

Last month, we reported on the sentencing appeal of the notorious mortgage fraudster Gabriel Werden.  Werden advertised in the newspaper claiming to be a broker and brazenly asked his victims for their identification. In this case, something similar occured. The fraudster advertised custodial services for self managed superannuation funds wanting to buy property. The fraudster issued …

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