Australian Crypto Lender Helio Lending Convicted For False Credit License Claim
A recent court ruling found an Australian crypto lending platform guilty of claiming false lending licenses.
Adelaide, Australia-based Helio Lending has been found guilty of providing false or misleading information about the company and its financial situation in order to obtain credit from a bank. The conviction was handed down in the South Australian District Court on 23 October. According to court documents, Elio Lending has been operating as an online financier since 2017, providing loans to Australians wishing to invest in cryptocurrencies.
However, the company claimed to have a banking license, even though it did not, and instead used someone else's identity to open an account at a local bank branch. This allowed Helio Lending to access other depositors' funds through overdrafts and not pay interest on their deposits.
The lawsuit against Helio Lending was filed by Westpac Banking Corporation (WBC), alleging that its conduct damaged its reputation as a responsible financial institution. The WBC also alleged that Elio Lending misrepresented its financial position to obtain more funds from other depositors.
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