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ASIC bans vehicle finance broker over falsified loan documents

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Australian Broker | 11 Jul 2013, 07:00 AM Agree 0
ASIC has banned a Perth-based vehicle finance broker after an investigation found he had falsified loan documents
  • Keith of the west | 11 Jul 2013, 02:35 PM Agree 0
    Only 3 years please should be banned for life!

    Why so?
  • Malcolm Bartley | 11 Jul 2013, 02:37 PM Agree 0
    Call me stupid if you like but 3 Years!!!!!!!
    For proven beyond reasonable doubt fraud 3 years!!!!!!!..........................

    Yet as a broker if through no fault of your own (without any dishonesty implied), you are forced bankrupt, forget about any support from the same regulator to allow you to continue to trade and earn a living!!! during your 3 year bankruptcy term and beyond
    Makes you wonder !!!!!!!!........
  • Broker - 15 Years | 11 Jul 2013, 03:06 PM Agree 0
    Common sense would dictate a lifetime ban for anyone who falsifies loan documents.
  • Coast Broker | 11 Jul 2013, 03:12 PM Agree 0
    Agree. However kick him out of the industry. Sorry these sort of cowboys give the industry a bad name. ASIC needs to make decision bigger news and make it for life so joe public can see the industry is being cleaned up.
  • Peter | 11 Jul 2013, 08:49 PM Agree 0
    It's easy to criticize when an article only tells part of the story. I am sure he isn't alone in this practice. From what I can gather, it is industry practice to do what he did. It's not quite the way it looks. If he is banned so should everyone else who does it, and especially the Licensee that allowed it.
  • Aaron | 11 Jul 2013, 10:41 PM Agree 0
    Yet another broker banned I would like to meet with these banned broker and ask them why do it! I do think he should of been banned for life not 3 years but. Once again another great job by ASIC by getting rid of the scum brokers keep up the work.
  • ozboy | 12 Jul 2013, 08:58 AM Agree 0
    Pretty simple why only 3 years, he didn't falsify loan documents as someone else stated he made up the invoice for the assets being financed. All monies ended up where they needed to go and the goods were delivered. At the end of the day he was taking short cuts and as ASIC have stated you CANNOT do this anymore.

    Hope this helps explain the differences.
  • Malcolm Bartley | 12 Jul 2013, 09:18 AM Agree 0
    "Loan documents" extends far beyond just the lenders loan agreements. ASIC's investigation concluded: "tax invoices that he created, without authority from the suppliers of the goods to do so" & ""ASIC will not tolerate this type of behaviour. Those who engage in dishonest, deceitful conduct will be removed from the industry."
    Your right pretty simple really !!!!!
  • Peter | 12 Jul 2013, 11:43 AM Agree 0
    "Let he who is without Sin, cast the first stone". Have any of you ever written a "finance approval" letter to your client? Have you ever thought, this client will lose this house because the contract is coming to its last days and its Friday and the lender told me it's approved, but they didn't send the approval letter? The house is going back on the market on Saturday and someone else is waiting in the wings? Maybe not in this market, but what about in a rising market? I think you all like to think you are so perfect, but if ASIC knocks on your door, let's hope you really are. Because you'll get little support from your fellow brokers.
  • Little Bunny | 12 Jul 2013, 12:58 PM Agree 0
    "Recipient Created Invoice". Many brokers, especially in the motor vehicle finance division would be guilty of this practice. It is a result of ignorance, not fraud. Most don't even know that there is a legal requirement to comply with the creation of RCIs. Poor training was this guys downfall....what happened to his Licensee?? (too big to chase, perhaps)
  • Papery | 12 Jul 2013, 02:01 PM Agree 0
    One of the first lessons I was taught when I first started out in the finance industry nearly 30 yrs ago (within a major Bank no less) was that THERE ARE NO DEGREES OF HONESTY. Simple.
  • Broker - 15 Years | 12 Jul 2013, 03:34 PM Agree 0
    Just because it is easy or common place doesn't make it right or legal.

    Surely our industry and clients should expect more.

    Raise Our Standards !!!
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