Background Checking

Former Director of Newcastle-Based Investment Company Found Guilty

Source: Australian Securities and Investments Committee –

A Newcastle man was today found guilty by a Sydney District Court jury of fraud in relation to the arrangement of a $320,000 loan for an unemployed woman. Mr Mark Shalimov was a director of the Newcastle-based investment company, Future Management Group Limited (FMG) at the time the offences were committed in February 2003. He was charged, and today convicted, on two counts of fraud under the NSW Crimes Act with obtaining a loan for his client by submitting a loan application with false information. Today’s outcome followed an investigation by the Australian Securities and Investments Commission (ASIC).

The matter arose when Mr Shalimov completed a ‘lo doc’ loan application for his client, a 43-year-old Newcastle woman, and indicated that she was employed as an accountant / consultant when she was unemployed at the time. The form also indicated that the client was in receipt of a gross wage of $101,000 when, at the time, she was not receiving a salary. Mr Shalimov later received a commission when the loan was approved. The total commission paid to Global Home Loans, FMG’s trading name, on the loan (the subject of the charges) was $1,876.13. Mr Shalimov received a percentage of that amount. Mr Shalimov was a director of FMG whose principal activity included, at the time, writing home loans.

The matter has been adjourned to 23 November 2007 for sentencing. The Commonwealth Director of Public Prosecutions prosecuted the matter.

Lo-doc, or low-doc, loans are where the lender determines eligibility by relying on statements by the borrower that they can meet the repayments, rather than requiring documents to prove income, assets and liabilities.

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