Qld: Wizard probes alleged scam

AAP General News (Australia)
12-10-2003
Qld: Wizard probes alleged scam

Australia's biggest non-bank lender Wizard Home Loans has reportedly ordered an audit
of its branches over suspected mortgage fraud.

The Courier-Mail says Wizard had closed its Upper Mt Gravatt branch, on Brisbane's
southside, and started audits of other branches.

Internal investigations into loans provided by the branch to property investors and
owner-occupiers had identified six suspect loans.

The suspected fraud involved valuations allegedly altered on official documents to
ensure customers got loans to buy homes which sold for far more than their real valuations.

Wizard chief executive ANGELO MALIZIS has told the newspaper that any customers unwittingly
duped by the alleged scam will be compensated for any losses.

Mr MALIZIS says he's confident the problems are isolated to the Upper Mt Gravatt branch.

AAP RTV pjo/rt

KEYWORD: WIZARD (BRISBANE)

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