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This Week in Penalties...

CBA mobile lender, Andrew Cameron, is to stand trial for the for ‘conspiracy to defraud’.

The Australian Securities and Investments Commission (ASIC) said that Cameron committed one count of Common Law offence of conspiracy to defraud for which the maximum penalty is 15 years.

The allegations are that Cameron attempted to defraud CBA by providing false information to support home loan applications and that this involved 121 loan applications which resulted in the lending of $36, 420, 040.

The conduct regulator indicated that the trial is to be held in the County Court of Victoria on a yet to be determined date.

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