New Zealand Markets closed

ASIC bans ex NAB branch manager for fraud

ASIC has banned a former NAB branch manager for seven years for committing loan fraud

The banking regulator has banned a former National Australia Bank branch manager for seven years for committing loan fraud in order to generate commissions.

Rabih Awad was found to have given NAB false payslips, letters of employment, and entered false referee contact details in multiple loan applications, with the majority linked to a real estate agent who had been registered as a so-called introducer.

ASIC says the ban comes after NAB reported allegations that some employees in western Sydney were accepting false documents in support of loan applications and falsely attributing loans to obtain undue commissions.