Conviction in accountant forgery case
A Victorian man has been convicted after he falsified letters from accounting firms to support car loan applications for his clients.
Car finance manager Mr Christopher Robert Con Foo was convicted in the Ringwood Magistrates Court after pleading guilty to one charge of dishonestly using his position with the intention of personal gain.
During his employment with South Yarra BMW in October 2015, Mr Con Foo falsified two letters from accounting firms that were used in support of car loan applications submitted to BMW Australia Finance Ltd on behalf of two clients.
In one case, the accountant's letter was altered to substantially inflate the client's business income without the client's or accountant's knowledge.
Mr Con Foo, who was prosecuted by the Commonwealth Director of Public Prosecutions, has been convicted, fined $2,500 and ordered to pay costs.
"Submitting fake documents so that your client can get a car loan isn't a smart sales tactic - it's illegal,” said ASIC deputy chairman Peter Kell.
“Where ASIC becomes aware of such conduct, we will take action. ASIC also expects lenders to ensure their compliance processes capture and prevent these fraudulent applications."
Mr Con Foo’s conviction follows ASIC’s decision in May 2017 to ban him from engaging in credit activity and from providing financial services for a period of seven years.