Former Westpac Bank Manager Jailed

First time I have seen something like this happen. Link attached, AFR, 9 February 2017

Former Westpac banker jailed for false home loan applications

Extract

A former Westpac home finance manager who submitted $2.5 million worth of false home loan applications for approval has been sentenced to three years in jail.

David St Pierre will spend at least six months in jail after he was sentenced to a maximum of three years for using his position dishonestly and submitting loan applications for approval when he knew they contained false information and documents.

 

They said 4 mil on what I was listening too, they made a fuss of the borrowers age, but it was not the age, it was falsifying documents etc it seems......

 

Poor guy. He's the unlucky one that got caught. With some of the applications I have seen approved at branch level, they'd be able to fill his jail cell in a heartbeat

 

What? really? There was talk of 98 yr old and 15k in commission I think they were saying & docs were all false and unknown to borrower who was in an aged care facility and 98.....I think that was the gist, but that can't be a common thing. I could have it wrong, as was early in the AM and was on tv in background.

 

wbc pushes wealth products extremely hard - compared with other big 4

 

Lol half the population in Glen waverley and Strathfield would probably go to jail.

In meantime let's keep our crims roaming the street and give them a slap on the wrist when they try to murder someone

 

lol +1 to the above

i still recall 3 years ago, workmates knew a client's daughter who moved to aus to get their PR after graduating uni, and saying how simple it was to get a mortgage and how stupid the system was in australia

1. make a website online, put the father as director
2. set up a company in HK (just like making an ABN)
3. deposit salary into the daughters overseas bank account for three months using cash

then daughter could go to any branch to apply for a mortgage in australia (umm isnt she supposed to be working overseas?), one of the big4 banks asked for a tax return which obviously didnt exist and she got denied, you can guess which bank approved it eventually after some juggling

the house (eastern suburbs) has probably appreciated more than $500k now lol

 

I agree - working for Westpac is a crime.

 

She's couldve just written herself an employment letter from her dads Hk "company" lol
good ol westpac...

 

I think its pretty well accepted that Westpac would be the first of the big 4 to go down if there was a large correction.

Wasn't there similar charges in Perth around the time of the GFC? Actually that might have been a broker.

I agree pretty bad for someone high up in a bank to get hit with such a charge