Permanent Custodians v Hoey [2009] NSWSC 1073

In this case Permanent Custodians advanced $500,000, but the borrower only received half of the funds. The balance was paid to a Mr Geoffrey Ly on the strength of a forged direction to pay.

Mr Ly and Mr Duc Hong Truong (also known as Johnny Truong), trading as “First Priority Home Loans”, were sued by both the borrower and the lender on cross-claims. Mr Truong was acting in the capacity as a mortgage originator. Mr Truong served and filed evidence, but did not appear at the trial. Mr Ly could not be found. The Court determined that Mr Truong had engaged in misleading and deceptive conduct and entered judgment against him in the sum of $255,236.91.

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