This is a true story about an Australian loan scam which was created by Grant Thomas from Adelaide. All the information posted here is factual and supported by documentation. The front for the loan scam is a company called Mawson Flinders Cook (MFC) – www.mawsonflinderscook.com The partners of this firm are Grant Thomas and Jason Henry. Grant also operates through several other companies including Adelaide Finance Agency and Nero Noctis Private Wealth.
MFC offers project loans to businesses through brokers. One of these brokers in Australia is Guy Goldrich in Sydney who offered loans through a company called Pinnacle Funding Pty Ltd (since closed). This company was owned by Mark Johnston who is based in Thailand. Guy Goldrich is also a principal for a business called Mortgage Wise Australia. One of the New Zealand brokers is Kit Kingston in Auckland and his business is called Dalgety Finance Group Ltd. Loan offers were made and fees collected by all the parties.
The scam involves offering loans to businesses and then not performing. These are not just loan commitments but go through the full legal documentation process to settlement. Borrowers do not discover until the day of settlement that MFC does not in fact have the funds. The consequential losses to the borrowers are significant. In some cases MFC has refunded fees but this does not even come close to covering the significant losses incurred by the borrowers, who made business decisions based on the binding loan commitments from MFC.
The brokers including Guy Goldrich and Kit Kingston may not be complicit in the scam but, as brokers, are professionally negligent and have demonstrated incompetence. They took fees based on the MFC commitment letters and did not refund the fees when MFC did not perform. This is unethical at best.
In Australia it is considered fraud to enter into a commitment to provide a loan and then not perform. However this requires agencies such as ASIC to take action. Hopefully through social media others can be made aware of the activities of these parties so that they don’t also become victims.