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A mortgage broker used new clients’ money to help existing clients who were struggling to make repayments after the Global Financial Crisis (GFC) hit, an Adelaide court has been told.
Malcolm Royce Jones, 52, has admitted to attempted deception and faking a signature on a $170,000 mortgage document.
He is to be sentenced next month, but prosecutor Peter Longson said more charges were expected.
Mr Longson said Jones took part in more than week of police interviews, in which he admitted a range of offences.
Defence lawyer Andrew Moffa described Jones as a “hardworking, Christian father of three” who just wanted to keep all his clients happy.
When some investors were not meeting their mortgage payments on properties, Mr Moffa said Jones used money from new investors to make those payments, essentially giving some of his clients a “payments holiday”.
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