Register
Professional Misconduct

Moustafa Dandachli


Address: Georges Hall, NSW, Australia
Sex: Male
Occupation: Mortgage Broker
Date: 23 May 2014


Details



A former NSW-based mortgage broker was convicted of falsifying loan application documents following an ASIC investigation.

Moustafa Dandachli, also known as Muzi Dandachli, of Georges Hall, pleaded guilty in 2013 to 10 charges of providing false loan applications to lenders over a six-month period to secure approvals for home loans totalling almost $3.8 million. 

The applications, for 10 people, included loans ranging from $196,000 to $640,000.

Mr Dandachli admitted to providing the income and employment documents contained in the loan applications knowing they were false or misleading.

In convicting Mr Dandachli of the offences, the District Court (NSW) handed down a number of penalties on 23 May 2014, including sentencing Mr Dandachli to nine months in jail to be released immediately upon entering into a two year good behaviour bond.

In making the order, the court, among other things, took into consideration Mr Dandachli’s level of cooperation with ASIC’s investigation, his remorse for acting dishonestly in this case and good prospects for rehabilitation.

ASIC Deputy Chairman Peter Kell said, ‘Loan fraud is unacceptable. ASIC’s campaign to identify and crackdown on loan fraud is continuing.’

The Commonwealth Director of Public Prosecutions prosecuted the matter.

As a result of the misconduct, ASIC has also permanently banned Mr Dandachli from providing credit activities in the future.