Latest news with #carDealer
Yahoo
08-07-2025
- Business
- Yahoo
Ex-broker's $68k fraud of major bank
A former financial broker gained $68,000 in commissions by forging tax accountant letters for people who were not entitled to business loans for cars through a major Aussie bank, a court has been told. Charleen Henegan's conduct was undone by her own hand, after she wrote a letter to Macquarie Bank admitting to creating the letters on 18 occasions, allowing several people to obtain business loans they were not entitled to. Macquarie Bank paid out $729,000 as a result, Brisbane District Court was told. In lieu of a jail term, Henegan walked from court on Tuesday with an 18-month suspended sentence, after pleading guilty to a single charge of fraud - dishonestly inducing a person to act. District Court Judge Deborah Richards noted an irony at the heart of Henegan's offending, in that she committed the offence out of significant 'financial pressure' at the time, yet had paid the 'ultimate price … (of) financial ruin'. 'You've lost your finance brokerage, you won't be licensed again,' Judge Richards said. 'There's been a very heavy financial penalty that you've paid for this offending, for not particularly significant reward.' The court was told Henegan's co-accused was a car dealer who set about obtaining business loans from Macquarie Leasing – a subsidiary of the bank – for his prospective customers. In order to secure the business loans, the co-accused inflated the value of the vehicles through a combination of falsifying tax invoices, winding back odometers and instructing 'customers to create ABN numbers' for their loan applications. Henegan became involved as a passive financial broker for these applications, crown prosecutor Rhys Byrne said. 'As part of a business loan application, Macquarie Leasing usually requires a letter from an accountant to confirm the car was being used for business purposes,' Mr Byrne said. Between December 2018 and April 2019, Henegan forged accountant letters on 18 occasions, falsely asserting customers were entitled to a business loan. Mr Byrne said Henegan received $68,000 in brokerage commission as a result. An investigation began in 2019 over the irregularities. Henegan admitted to Macquarie Leasing in a letter that she had used old account letter templates to forge the documents and that she was under financial pressure at the time, Mr Byrne said. Justice Richards questioned this, saying: 'She could have just said no'. She also noted Henegan was not 'entirely ignorant' of what she was doing, saying police found emails on her computer with customer pay slips, demonstrating they were not self-employed or sole traders. 'There was also an email found on your computer from the car company telling you exactly what these false letters should say … that the vehicles would be used predominantly for business … and the tax was up to date,' Judge Richards said. Henegan's barrister Evan O'Hanlon-Rose said the offending was an 'uncharacteristic aberration' in the life of his otherwise law-abiding client. 'The combination of all that was going on in her life at the time led to an impairment of judgment,' he said. The court was told Henegan's co-accused – who was described as the 'driver' of the offending – was sentenced to two years' jail, suspended after 140 days in pre-sentence custody. Mr O'Hanlon-Rose said Henegan's offending was not as serious as the co-accused's, due to him being involved in 24 loans that resulted in Macquarie Bank paying out just over $1m. Henegan was subjected to significant financial and personal pressure at the time due to the combination of writing the letters, her own business experiencing problems and the death of a family member weighing on her. Several references attested to Henegan's good character. She is currently the primary financial and practical carer for her husband, who is awaiting open heart surgery following a heart attack in 2022, Mr O'Hanlon-Rose said. 'She is a woman who has been self-reliant from a very early age,' Mr O'Hanlon-Rose said. 'She's worked hard to achieve success in the financial services industry and her poor decision making has destroyed that work.' Judge Richards took into account Henegan's significant remorse and 'shame', imposing an 18-month sentence, suspended immediately for three years. Error in retrieving data Sign in to access your portfolio Error in retrieving data
News.com.au
08-07-2025
- Business
- News.com.au
Macquarie Bank paid out $729k after ex-broker forged letters for business loans, claimed $68k commission: court
A former financial broker gained $68,000 in commissions by forging tax accountant letters for people who were not entitled to business loans for cars through a major Aussie bank, a court has been told. Charleen Henegan's conduct was undone by her own hand, after she wrote a letter to Macquarie Bank admitting to creating the letters on 18 occasions, allowing several people to obtain business loans they were not entitled to. Macquarie Bank paid out $729,000 as a result, Brisbane District Court was told. In lieu of a jail term, Henegan walked from court on Tuesday with an 18-month suspended sentence, after pleading guilty to a single charge of fraud - dishonestly inducing a person to act. District Court Judge Deborah Richards noted an irony at the heart of Henegan's offending, in that she committed the offence out of significant 'financial pressure' at the time, yet had paid the 'ultimate price … (of) financial ruin'. 'You've lost your finance brokerage, you won't be licensed again,' Judge Richards said. 'There's been a very heavy financial penalty that you've paid for this offending, for not particularly significant reward.' The court was told Henegan's co-accused was a car dealer who set about obtaining business loans from Macquarie Leasing – a subsidiary of the bank – for his prospective customers. In order to secure the business loans, the co-accused inflated the value of the vehicles through a combination of falsifying tax invoices, winding back odometers and instructing 'customers to create ABN numbers' for their loan applications. Henegan became involved as a passive financial broker for these applications, crown prosecutor Rhys Byrne said. 'As part of a business loan application, Macquarie Leasing usually requires a letter from an accountant to confirm the car was being used for business purposes,' Mr Byrne said. Between December 2018 and April 2019, Henegan forged accountant letters on 18 occasions, falsely asserting customers were entitled to a business loan. Mr Byrne said Henegan received $68,000 in brokerage commission as a result. An investigation began in 2019 over the irregularities. Henegan admitted to Macquarie Leasing in a letter that she had used old account letter templates to forge the documents and that she was under financial pressure at the time, Mr Byrne said. Justice Richards questioned this, saying: 'She could have just said no'. She also noted Henegan was not 'entirely ignorant' of what she was doing, saying police found emails on her computer with customer pay slips, demonstrating they were not self-employed or sole traders. 'There was also an email found on your computer from the car company telling you exactly what these false letters should say … that the vehicles would be used predominantly for business … and the tax was up to date,' Judge Richards said. Henegan's barrister Evan O'Hanlon-Rose said the offending was an 'uncharacteristic aberration' in the life of his otherwise law-abiding client. 'The combination of all that was going on in her life at the time led to an impairment of judgment,' he said. The court was told Henegan's co-accused – who was described as the 'driver' of the offending – was sentenced to two years' jail, suspended after 140 days in pre-sentence custody. Mr O'Hanlon-Rose said Henegan's offending was not as serious as the co-accused's, due to him being involved in 24 loans that resulted in Macquarie Bank paying out just over $1m. Henegan was subjected to significant financial and personal pressure at the time due to the combination of writing the letters, her own business experiencing problems and the death of a family member weighing on her. Several references attested to Henegan's good character. She is currently the primary financial and practical carer for her husband, who is awaiting open heart surgery following a heart attack in 2022, Mr O'Hanlon-Rose said. 'She is a woman who has been self-reliant from a very early age,' Mr O'Hanlon-Rose said. 'She's worked hard to achieve success in the financial services industry and her poor decision making has destroyed that work.' Judge Richards took into account Henegan's significant remorse and 'shame', imposing an 18-month sentence, suspended immediately for three years.
Forbes
16-06-2025
- Business
- Forbes
The People Business
The most successful entrepreneurs I know are all in the same line of work: the people business. I don't care whether you're a master plumber, a car dealer, a real estate broker, or a dentist managing multiple offices. If year after year, you're meeting uncommon success, you've honed the secret of the masters. You insist on only win-win outcomes. Meeting and surpassing the needs of everyone with whom you do business pays dividends that rival any you'd gain in the stock market. There's no better advice I give than to consistently impress people with what you're able to do for them. Make no exceptions – not for your clientele, your employees, your advisory team, nor your own family members. Wow them all, and then step back and watch what happens. It took me years to fully understand this notion and put it into practice. Not many get this concept right out the gate. Nearly everyone is taught to first look out for themselves. After all, abandoning our own needs is futile. I don't know anyone who wants to be a professional doormat. But isn't that funny? So often, a doormat is the first image that comes to mind when thinking about always doing right by others. However, if you feel like you're at risk of becoming a doormat, then you're not in the people business. I specifically mentioned win-win outcomes at the start. If you're a successful entrepreneur, you have to be one of the winners in every equation. There can be no losers. At the close of each transaction, everyone walks away happier as a result of the deal. Want to be the best game in town? Then your reputation must prove it. Nobody besides you unclogs drains faster, sells cars with better warranties, closes home sales with more favorable terms, or installs dental crowns that last longer and look and feel flawless. Such distinction isn't simply good business; it's mandatory for those who want a spot at the top. Sounds too simplistic? Realize then that you're not only focused on winning over customers – you must continually win over your employees just the same. After all, you need your staff to be exactly like you: eager to please, and hungry to win. That's why I interview every employee my company hires. If their eyes don't light up when I discuss these principles, they don't get an offer. I can't risk hiring a lethargic employee, not when my staff comes to work every single day like I do, enthusiastic about smashing goals and winning over clients. They won't put up with a lazy coworker, and I wouldn't ask them to. Perhaps not surprisingly, all of my business advisors exhibit this same principle. I refuse to associate with anyone who smells remotely unscrupulous. It's the kiss of death, the antithesis of the win-win outcome. Each expert in my inner circle works in harmony with one another, everybody in their respective lanes but in constant communication so as to address concerns as they arise. Nobody feels left behind, and we all give credit where it's due. Some onlookers downplay the significance of harmony in the workplace. They chalk up success to mere chance rather than effective cooperation. In their unfortunate misunderstanding, they do themselves a grave disservice. Collaboration is key. You can't possibly get where you aim to go without it. Nobody knows enough nor has enough hours in the day to go it completely alone. Neither can you claw your way to the top. If you try, you'll be seen as an enemy of the people, and the ones you've clawed over will eventually hunt you down. Only by your reputation and accompanying track record will doors open for you. You don't create the path. The path reveals itself to you the more effectively you engage with others. When embarking on your mission, don't lose your humility. You will mess up. Failure is inevitable, but it won't be the kind of failure that ends your career. Instead, it'll be the kind that propels you, yielding newfound clarity on how best to proceed moving forward. More than half the journey involves learning from your mistakes. A brief word of caution: Be especially mindful of what type of mistakes you allow yourself to make. Forgetting an important detail is a lot more forgivable than being dishonest. Never let your mistakes revolve around bad character. The same goes for your associates. Make no allowances for unethical behavior. If you're brand new to this way of thinking, it can be a bit overwhelming. I equate it to drinking from a firehose. There's a lot to take in, yet you can only process so much in one sitting. The great thing about the written word is that you can revisit it as often as you like. So if what I'm illustrating seems insurmountable, remind yourself that anyone can adopt these principles with sufficient practice. The way to success is rooted in logic. Create sufficient value for others, and they'll likely return the favor. You'll not only win their loyalty, but you'll earn good press. The best advertisement is when your clients sing your praises. Naturally, you'll do the same for your associates, considering that you insist on only working alongside the best. Hopefully, you can now see why it's called the people business. It's about much more than trading goods and services. It's dealing in good faith, high esteem, and absolute trust that the right people usher in the best outcomes. You know this to be true. You have ample evidence of what happens when people are less than dependable. The ball gets dropped, deadlines are missed, and resources dwindle. We've all experienced such madness. The way out? Resolve to take the lead. Expect no one to change until you do. If you're stuck, then look to others who appear to be thriving. Take notice of their work ethic, their attitude, their refusal to complain, and their unwillingness to settle for mediocrity within themselves. It's a tall order for anyone just starting out, but know that it's not a race. It's a daily practice. Conserve your energy. You'll notice an infinite array of outside forces intent on stripping you of it. Develop a daily routine that preserves your sanity, and stick to it. Your success is largely determined by your vitality. Figure out how to maintain it. Here's a hint: tend to your basic needs first. Don't depend on others to do that for you. They have their own well-being to manage. Hone those fundamentals, and then watch what type of people you naturally attract into your life. When you're a perpetual uplifter, when you consistently light up a room, you become a magnet for the best and the brightest. Highly successful people tap you on the shoulder to collaborate with them. They need you just as much as you need them, and the synergy that results generates untold future success. It all makes perfect sense. Hardly anyone disputes the importance of work ethic, craftsmanship, cooperation, and a positive attitude. What most fail to account for are all the distractions that exist to steal your attention and make you forget that you're first and foremost in the people business. If there's one thing you should protect even more than your reputation, it's your focus. When you control your focus, you control your mind. And when you control your mind, you control your mood and subsequently, your ability to uplift those around you to establish rapport among the very people with whom you most wish to collaborate. Disclosure: Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 200 Broadhollow Road, Suite 405, Melville, NY 11747, 631-589-5400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Northeast Private Client Group is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License #0B36048, AR Insurance License #741545. Submission#: 7937217.1 Expires 5/2027 Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. By providing this content Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity.
