The Melbourne Magistrates Court has charged Andrew Cameron for his role in a plot to defraud the Commonwealth Bank out of millions.
According to ASIC, Mr Cameron was part of a “hundred-million-dollar loan fraud conspiracy”, which the regulator uncovered as part of its investigation in to Myra Home Loans.
The regulator said the conspiracy involved approximately 121 loan applications and resulted in the CBA lending approximately $36,420,040.
The maximum penalty for the offence is 15 year in prison, the regulator said.
Mr Cameron was bailed, and is due to appear before the Magistrates Court on 2 February 2018.
The case is being prosecuted by the Commonwealth Director of Public Prosecutions.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.