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Self-styled finance broker Terrence Reddy, an associate of murdered businessman Michael McGurk, was refused bail last night over a $4 million scam.
Arrested at Mosman in Sydney's north yesterday, Reddy was charged with nine forgery offences linked to the creation of fraudulent finance applications, according to a report in the Sydney Morning Herald.
Police allege he was running a mortgage scam to obtain nearly $4 million from banks to purchase motorcycles, luxury cars, heavy earthmoving equipment and real estate.
He was also charged with perverting the course of justice and hindering a police investigation.
This charge relates to evidence he gave in a civil trial, when he denied involvement in a mortgage fraud syndicate.
Reddy was kept in custody last night.
He had worked for Michael McGurk in his office in York St in Sydney's CBD.
Fraudulent broker banned for life - ASIC has permanently banned a Victorian finance broker from engaging in credit activities after being convicted of serious fraud offences.
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