Stylianos Amanatidis, 46, from Melbourne has been jailed for 8 years after obtaining car and mortgage loans worth more than $7 million by using false documents between 2000 and 2002.
Amanatidis plead guilty to 10 charges of obtaining property or a financial advantage by deception. He told the judge he did so in order to pay back a business partner but it was unclear whether Amanatidis had profited from the fraud scheme overall.
The judge took into account Amanatidis’ guilty plea, family support, and his deteriorating physical and mental health, which had already delayed the proceedings after the fraudster was admitted to a psychiatric hospital last year.
The sentence for Amanatidis was to serve 5 years before becoming eligible for parole and at the same time award compensations of $465.000 and $2.6 million to loan companies and banks respectively.