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By Tim Neary
July 8, 2011
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.
Related Story
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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