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Wednesday, Feb 05, 2025
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Broker charged with fraud for falsifying client income to obtain loans
A 41-year-old man was charged by ICAC with fraud for falsifying the monthly salaries of his two clients to help them receive HK$5.2 million in property mortgage loans.
Ting Chun-kwan, the financial intermediary, faces a charge of conspiracy to defraud, as he conspired with two mortgage loan applicants to deceive a financial services company into issuing the loans.
According to ICAC, the defendant made false representations of the financial conditions of his two customers between June and December 2018, one of whom earned HK$7,000 per month and another was unemployed, claiming the two’s monthly salaries were HK$85,000 and HK$150,000.
He then helped the duo get approved by a company for mortgage loans of about HK$3.5 million and HK$1.7 million, respectively.
Ting was released on bail pending his appearance in the Eastern Magistrates’ Courts on Thursday; the two applicants were also charged with fraud.
According to ICAC, the defendant made false representations of the financial conditions of his two customers between June and December 2018, one of whom earned HK$7,000 per month and another was unemployed, claiming the two’s monthly salaries were HK$85,000 and HK$150,000.
He then helped the duo get approved by a company for mortgage loans of about HK$3.5 million and HK$1.7 million, respectively.
Ting was released on bail pending his appearance in the Eastern Magistrates’ Courts on Thursday; the two applicants were also charged with fraud.
