NAB Employees Investigated Over Dishonest Commissions
NAB employees allegedly supplied false documents to the bank to procure hundreds of thousands of dollar commissions, an investigation has revealed.
A former National Australia Bank (NAB) branch manager was today banned as part of ongoing investigations by the corporate watchdog ASIC.
Mathew Alwan was banned from engaging in credit activities and providing financial services.
Alwan also personally lent money to a NAB customer and a staff member that reported to him while their loan applications were pending.
Between 2012 and 2015 the branch manager also dishonestly claimed 101 home loans were referred to NAB by an introducer, resulting in the introducer being paid $186,725 in commission.
ASIC found that Mr Alwan’s conduct was dishonest, deliberate and repeated.
The sanctions follow an ongoing investigation into the bank finding NAB employees in greater western Sydney were accepting false documents in support of loan applications and falsely attributing loans as having been referred by certain persons in order to obtain commissions.
This conduct was the first case study before the Financial Services Royal Commission.
The investigation is considering whether a brief for criminal charges should be referred to the Commonwealth Director of Public Prosecutions.