Former NAB bank manager involved in mortgage fraud

Mr Alwan, a former NAB branch manager who was permanently banned from credit activities last year, had used NAB’s introducer program to receive the referral payment for his uncle.

According to an ASIC investigation, Mr Alwan had told the bank that a NAB introducer had referred the 24 borrowers under the loan applications to NAB when he knew that this was not true. The NAB introducer he claimed had assisted in the loan application was actually Mr Alwan’s uncle, operating under the business name Suit Club.

NAB had paid out $56,995 in commissions to Mr Alwan before it caught wind of the fraud.

The NAB introducer program was a “spot and refer” program operated by NAB since 2000, which allowed third-party introducers registered with the bank to refer the details of potential borrowers.

If those borrowers subsequently took out a loan, then the introducer would receive a percentage of the loan amount as a commission.

The program is set to be terminated on 1 October this year after NAB reported to ASIC in 2016 that it had uncovered that bankers like Mr Alwan were engaged in fraudulent misconduct.

This misconduct was later featured in the first case study before the royal commission.

Mr Alwan was permanently banned in 2018 by ASIC from engaging in credit activities and providing financial services and will appear before the court on 1 October 2019 for the sentencing.