A former mortgage broker pleaded guilty to “giving misleading information” about five different loans suggesting the borrowers were employed by one of his companies.

Jia Ge, a former NSW broker and director of the delisted company Dollars R Us, has pleaded guilty to providing misleading information in five separate loan applications.

According to an ASIC survey, between February 16, 2017 and May 17, 2017, four clients hired R Us Dollars to help them get loans to buy properties.

Mr. Ge has assisted clients with preparing and filing home loan applications which have been submitted to two lending entities of National Australia Bank Ltd (NAB).

In the mortgage applications it was found that Mr. Ge had falsely stated by whom the applicants were employed and from whom they received wages.

ASIC had said that Mr Ge had set up a system in which each of the applicants paid money to (now delisted) Australian Realty, of which he was the sole director, which he would then transfer to the applicants to give the false appearance that they were employed and earning a salary from the company.

ASIC noted that among the loans submitted, two loans totaling $ 784,000 were approved and Mr. Ge received a commission of $ 8,612.36 for them.

The other requests were either withdrawn or refused.

Mr Ge pleaded guilty to five counts of violating the national credit law in the local Downing Center court on November 10.

At the material time, the maximum penalty for a violation of section 160D (2) of the National Credit Act was two years’ imprisonment.

The case was adjourned for sentencing on December 22, 2020 in Downing Center local court.

[Related: Finance broker pleads guilty to making false statements]