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ASIC issues permanent ban to Sydney motor vehicle finance broker

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Australian Broker | 22 May 2013, 07:00 AM Agree 0
ASIC has issued a permanent ban on a Sydney-based vehicle finance and insurance broker, after finding he engaged in dishonest conduct
  • Country Broker | 22 May 2013, 12:55 PM Agree 0
    This is more than dishonest it's FRAUD , good to see ASIC starting to get serious.
  • Mary | 22 May 2013, 01:27 PM Agree 0
    He needs to be behind bars, not have the right to appeal. Well done ASIC
  • SanityPrevails | 22 May 2013, 01:41 PM Agree 0
    Why isn't there any mention of criminal charges? Surely if we as an industry want these types of individuals removed, the best deterrent is criminal prosecution.
  • wayne | 22 May 2013, 02:35 PM Agree 0
    It's plain theft and the guy should be charged and arrested. I have heard of others that have done similar and went to jail. Has this man been arrested??
  • PeterT | 22 May 2013, 02:52 PM Agree 0
    What really baffles me is how people could actually believe that they would get away with this?
    The loan application and offer documents would literally give the evidence to investigators. The defaults will ensure it is investigated. The only way to be successful is to leave the country (it's there's not enough money in it to do that).
    These guys must be seriously stupid to not think it through!
  • rob melb broker | 22 May 2013, 05:22 PM Agree 0
    about time they get rid of people like this from out industry. behind bars for fraud would be great, no right of any appeal at all for these types is what is needed.
  • Aaron | 22 May 2013, 10:59 PM Agree 0
    This is the second person to to banned this week all I can say is sucked in to these scumbags that's what you get for being greedy, I hate hering that someone has been ripped off by a broker these people should be in jail you do the crime do the time, I was ripped of by a broker years ago he transferred everything into his wife's name didn't pay anyone back he said he had no money but he was driving around in the latest Mercedes Benz still had the 3million property, so when I see brokers lose there licence and then ASIC get rid the scum I laugh my head. Keep up the good work ASIC. One more thing if any brokers out are thinking of being dishonest or committing fraud pull your heads in no hopers and what would your family and friends think of you.
  • John | 04 Jul 2013, 08:59 AM Agree 0
    My Koean friend was a victim, and and this guy stole $10,000 which he didn't pay to the dealership, car was repossesse, my friend had to pay again. This guy is Korean and was advertising in the Korean papers and magazines, and taking advantage of Koreans who were not familiar with how things were done properly and didn't speak English well. I spoke to him on the phone trying to help my friend - he was seriously in denial about what he was doing and was just a nasty little crook. I fortunately knew people in the motor industry and was able to warn them about any dals he might introduce. Good to see he has been put out of business for the time being, but the problem is he will re-surface somewhere else. I hope ASIC provided their media release in Korean as well for the Korean newspapers and magazines to pick up!!
  • SIDBROKER | 04 Jul 2013, 10:15 AM Agree 0
    ASIC just send this one to jail and throw away the key.
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