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ASIC ban for prominent broker

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Australian Broker | 10 Oct 2012, 09:00 AM Agree 0
A prominent Sydney broker has copped an ASIC ban for providing false and misleading statements on loan applications
  • FBAA waste of time | 10 Oct 2012, 01:43 PM Agree 0
    Hi Peter
    What a load off rubbish
    Who did you work for or have you got an axe to Grind?
    No Funding lines would Ever Say this my friend
    its what you call Go to Jail
  • Bill Walsh | 10 Oct 2012, 02:16 PM Agree 0
    Well FBAA - at least he put his name to his comments!
  • Jim Adams | 10 Oct 2012, 02:54 PM Agree 0
    I can confirm this behavious was absolutely prevalent in the funding lines we used.
  • Chris Szigeti | 10 Oct 2012, 03:17 PM Agree 0
    just cant believe what I am hearing - this is clearly fraud which ever way you want to look at it and should be notified to ASIC
  • Bill Walsh | 10 Oct 2012, 03:24 PM Agree 0
    Yeah - agree Chris. However it's the banks (mostly the big 4) who are pushing for all the current reform and waving their fingers at those dispicable brokers that are out there stealing candy from all the babies. The customers also have a hand in this. I haven't met one client in all my years (30) who wouldn't have a fair idea if they could afford a loan, or not. A lot of the people who cry foul, are just as much to blame as the lender or the broker. They're just looking for someone to burn at the stake, for their own greed when it comes unglued.

    Fraud is fraud and if you're going to stoop to that level to make a quick buck, then you deserve what is due to you and turning a blind eye to it if you know it is happening, is just as bad as committing the crime.
  • Athol Halvorsen | 10 Oct 2012, 03:59 PM Agree 0
    FBAA, clearly you were never a broker or worked in the mortgage team of a bank. Such comments are naive on your behalf and clearly uninformed ones. No surprise form a governing boady

    Firstly the 2 points that ASIC have advised they made their ruling on i have never had mentioned to me in the 12 month investigation! Point 1 i strongly deny and am shocked to even hear it. The bank sent out a copy of the application form with each set of loan documents. The client had to read it and sign it saying it was all true and correct. They did so on all accounts. They are only making a scape goat complaint because their investment with THEIR financial planner failed during the GFC. I feel for them but I didn’t not breach any law. Even ASICS finding s are “alleged still”

    Point 2 is also a joke. This couple has never been "employed" in their life. They had 3 COMPANIES that they were directors and shareholders of at the time of the application and were actively trading. This was all the bank required for low doc loan application requirements at the time. i am not sure how someone running 3 companies can be considered retired??

    3rd they forgot to mention all the evidence i have from the clients mentioned including signed and dated, hand written notes to me asking me to lease with their financial planner as they were not sure what information to put down in the application form!! Come on

    4th ASIC made me waste my time responding to their allegations that a borrower was actually earning only $7kpa as per tax returns. I had to look at them and say "do i need to explain to you that a borrower with 2 companies, with 3 kids, a wife and who makes mortgage repayments on time each month of $4600 is only earning $7k pa" I have never met the guy he has given me 6 months home loan statements showing these loan repayments
  • Athol Halvorsen | 10 Oct 2012, 04:15 PM Agree 0
    well said Bill as this is the case here and even confirmed by ASIC as they are banning me for ALLEGED ALLEGED ALLEGED not actual fraud, or any crime, malpractice or anything apart from being asked to be a broker by cleitns really. they are just banning me because after 12 months of them investigating the matter and myself i am clean and clear and it is still only ALLEGED! Otherwise i would be in court
  • Ebony Wright | 10 Oct 2012, 06:19 PM Agree 0
    I think there are two sides to every story, this is just alleged after all, no convictions and it could just be some disgruntled customers trying to get out of their loan now that interest rates have gone down.
  • sidbroker | 11 Oct 2012, 01:45 PM Agree 0
    ATHOL I HOPE YOU HAVE A GOOD SOLICTOR/BARRISTER ASSISTING YOU. YOU HAVE SIGNED DOCS FROM THE BORROWERS STATING THAT ALL THE INCOME DECLORATION IS TRUE. THEREFORE YOU ARE NOT AT FAULT. YOU SHOULD BE IN A POSITION TO SUE THE BORROWERS FOR A HUGE SUM. ASIC SHOULD ALSO BE LIABLE AS SHOULD THE LENDER. I SAY WHILE THEY ARE DOING THEIR BEST TO DESTROY YOU YOU SHOULD FIGHT BACK AND GIVE IT BACK TO THEM BY THE BUCKET FULL. DEFORMATION ESPECIALLY AT THIS LEVEL HAS HUGE CONSEQUENCES HERE. GOOD LUCK MATE.
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