The Mortgage Fraud Scandal Involving Finsure, Hai Money, and National Australia Bank
In recent years, the mortgage industry has experienced a surge of fraudulent activities. One of the most talked-about cases involves the mortgage aggregator, Finsure, its sub-aggregator, Hai Money, and the National Australia Bank (NAB). This article provides a comprehensive and factual overview of the case as it unfolded.
Origins of the Case
The roots of the scandal were first revealed in a ruling by the Supreme Court of New South Wales. The court’s ruling restrained Finsure from severing its ties with Hai Money, a decision that has since gained significant attention. From June to September 2025, Finsure informed Hai Money about NAB’s decision to suspend 15 of Hai Money’s brokers, a decision that included Andrew Hu from Cloud Sven International Pty Ltd. The suspensions were initiated to pave the way for an investigation or review of files, thereby prohibiting the brokers from submitting loan applications to NAB via Hai Money through Finsure’s aggregation platform.
Escalation of the Case
The situation escalated in October 2025 when Finsure notified Hai Money that NAB had terminated the accreditation of two of Hai Money’s brokers. Come December, NAB terminated the broker accreditation of Andrew Hu and Cloud Sven International. In response, Hai Money immediately severed its relationship with the brokers involved. The situation took a dramatic turn when, on December 23, Finsure informed Hai Money of NAB’s decision to suspend the accreditation of all 220 brokers in Hai Money’s network.
Repercussions and Legal Battles
Consequently, Mr. Li from Hai Money, who learned from media reports that Andrew Hu had been charged with fraud as part of the alleged ‘Penthouse Syndicate’ fraud ring, sought reasons for the suspension. Mr. Bednar of Finsure disclosed that the brokers’ suspension was due to Andrew Hu’s fraud charges. However, neither NAB nor Finsure provided any solid reasons for NAB’s suspension of Hai Money’s broker network, nor made any findings against Hai Money or the suspended brokers.
From January 2026, NAB began to clawback commissions paid to Finsure in respect of loans written on applications made by Hai Money brokers. Finsure, in turn, began clawing back those commissions from sums otherwise payable to Hai Money under the Agreement. To address the concerns underlying NAB’s suspension, Hai Money undertook a series of steps, costing approximately $150,000, including a management and shareholding restructure, enhanced compliance, supervision, and risk management measures across its broker network, and submitting to an independent compliance review undertaken by PricewaterhouseCoopers, under instructions from Finsure, at Hai Money’s cost.
Court’s Interim Orders and Hai Money’s Status
Justice Williams issued interim orders prohibiting Finsure from terminating or purporting to terminate the Sub-Aggregator Agreement between Finsure and Hai Money. Since then, Hai Money’s Linkedin page indicates that it has ceased operations.
As this case continues to unfold, it serves as a stark reminder of the importance of transparency, responsibility, and accountability in the mortgage industry. The complex network of relationships between brokers, aggregators, and banking institutions is susceptible to fraudulent activities, emphasizing the need for stringent measures to ensure the industry’s integrity.
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