Australian Securities & Investments Commission confirms Remedy Housing officials convicted over dishonest interest-free mortgage scheme

The Australian Securities & Investments Commission announced that Remedy Housing officials Brent Smith, Mahmoud Khodr and Fue Mano were convicted in the County Court of Victoria of dishonesty offences linked to the promotion of purported interest-free mortgages. A jury found that, between 2019 and 2021, Smith was guilty of seven counts, Khodr of two counts and Mano of 11 counts of dishonestly using their positions as a director or officer. The convictions relate to representations to consumers that Remedy Housing would provide an “interest-free mortgage” and title to a home within 12 months in return for a deposit of at least AUD 10,000, that deposits would be refunded in full if this did not occur, and that the business was financed by overseas investors including former Samoan international rugby union player Trevor Leota. ASIC stated that Remedy Housing had no investors or funders, never provided any mortgages and used customer deposits to operate and promote the scheme, with funds also transferred to the personal accounts of Smith and Khodr; Leota was not charged. The matter was prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC investigation and referral, and ASIC also referenced interim orders and injunctions it obtained from the Federal Court on 17 June 2021 against Smith, Khodr, Leota and Remedy Housing. A sentencing hearing is scheduled for 9 September 2025.