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Two former NAB employees have been permanently banned after providing the lender with false documents in support of loan applications.
The Australian Securities and Investments Commission (ASIC) investigated the fraud after NAB raised the alarm about the misconduct in the greater western Sydney area.
Danny Merheb and Samar Merjan (also known as Samar Awad) were banned on 29 June from engaging in credit activities and providing financial services.
Merheb was found to have recklessly given NAB false pay slips, letters of employment, bank statements and statutory declarations in respect of home loan applications.
Merjan was found to have knowingly and recklessly given NAB false pay slips and letters of employment in respect of personal loan and credit card applications.
The false information and documentation submitted by Merheb and Merjan were primarily provided to them by a third person who had no association with NAB.
ASIC also found that Merheb falsely attributed a loan as being referred to NAB by an introducer who was a friend in order for the friend to receive commissions dishonestly.
Merjan assisted the third person in the creation of two false documents, which she subsequently provided to NAB in support of lending applications and she was twice offered cash by the third person to process lending applications.
ASIC’s investigation is continuing.
NAB has identified that around 2,300 home loans since 2013 may have been submitted with inaccurate customer information and/or documentation, or incorrect information in relation to NAB’s Introducer Program.
A statement from the major bank said, “NAB welcomes ASIC’s decision to ban two former NAB bankers, who were investigated by ASIC for loan fraud.
“Mr Merjan and Mr Merhab were both terminated from their employments with NAB in November 2015. NAB reported them both to ASIC.
“The bans follow NAB’s announcement of a remediation program for home loan customers in November 2017, after an internal review found some home loans may have been submitted with inaccurate customer information and/or documentation, or incorrect information in relation to NAB’s Introducer Program.”
