Media Release

24 May 2013

SFO charges multiple suspects in mortgage fraud

The Serious Fraud Office (SFO) has today laid 48 Crimes Act charges against a group of individuals allegedly involved in a complex series of mortgage frauds.

The primary defendant is 44 year-old Eli Devoy (who now goes by the name of Ellie Stone). SFO alleges Mrs Devoy conducted a series of property sales and purchases between July 2007 and December 2010 which deceived various banks into approving mortgage applications. The applications were based on false documents or information supplied to the banks.

Other defendants are six individuals related to, or associated with, Mrs Devoy. These individuals are alleged to have participated in her scheme.

The total value of the alleged fraud under prosecution by SFO amounts to approximately $9.2 million.

Acting Chief Executive for SFO, Simon McArley said, “Financial crime in lending markets increases the cost of credit to all borrowers and has a direct impact on economic growth. SFO is keen to work with lenders to reduce offending in this area and augment the deterrent effects of SFO’s prosecution functions with improved lending practices and procedures.”

The complaint about Mrs Devoy and her associates was originally received in November 2011 and a Part II investigation commenced in December 2011.

ENDS

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