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Remedy Housing officials Brent Smith, Mahmoud Khodr, and Fue Mano were found guilty of engaging in dishonest acts in the County Court of Victoria.
The court found that the trio lied to consumers after promising interest-free mortgages and title to a home within 12 months, upon payment of a deposit of at least $10,000.
The lender promised customers that if it could not provide an interest-free mortgage within a year, the deposit would be refunded in full.
However, Remedy Housing did not have the means to fulfil the promise as it had no investors or funders.
Smith and Khodr took the funds acquired from customers and placed them in personal accounts. These funds were also used to operate and promote the fraudulent activity.
Between 2019 and 2021, the three offenders were found guilty of:
- Smith was guilty of seven counts of dishonestly using his position as a director of Remedy Housing.
- Khodr was guilty of two counts of dishonestly using his position as a director and officer of Remedy Housing.
- Mano was guilty of 11 counts of dishonestly using her position as an officer of Remedy Housing.
Remedy Housing was financed by overseas investors, including financing from former Samoan international rugby union player Trevor Leota. He was not charged in relation to the offences.
“The jury’s decision in this case demonstrates the community’s concern with deception of this scale. This prosecution demonstrates ASIC’s commitment to ensuring dishonesty in the credit and financial services industry is penalised,” said ASIC chair Joe Longo.
The trio face sentencing on 9 September 2025 and face a maximum penalty of 15 years’ imprisonment and/or a fine of up to $765,000.
