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Banned former mortgage broker granted reprieve

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Australian Broker | 10 Apr 2014, 08:31 AM Agree 0
In a show of leniency, the Administrative Appeals Tribunal has retracted the lifetime ban on a former mortgage broker who falsified loan documents and deposit guarantees
  • Country Broker | 10 Apr 2014, 09:17 AM Agree 0
    Are they fair dinkum ? This is a slap on the wrist , false documents is FRAUD !
  • Dan - Melbourne | 10 Apr 2014, 09:35 AM Agree 0
    @ Country Broker - you're spot on! This is spot on when it comes to our courts being soft - this is the WORST of offenses - and exactly the whole reason for the introduction of NCCP - to get rid of these cowboys - and the courts let them off....disgraceful.
  • Goodo | 10 Apr 2014, 09:36 AM Agree 0
    Why would anyone allow this grub to get back in front of clients and dealing with money
  • Country Broker 2 | 10 Apr 2014, 09:39 AM Agree 0
    I don't even know why this country bothers having laws at all!!! All you have to do is say sorry or cry or suggest you had a disturbed upbringing and all is forgiven.
  • John Whitten | 10 Apr 2014, 09:39 AM Agree 0
    How are we to keep our industry squeaky clean when decisions like this are made. The person falsified documents. That is dishonest. He didn't mistakingly falsify documents. We want the industry to be professional and this sort of decision does not help us get the industry to the level we want.
  • Country Banker | 10 Apr 2014, 09:56 AM Agree 0
    Hopefully the Banks will put him on their 'never to deal with' lists. I also do not see it as out of character if he does it 5 times. Lets hope that all the Banks follow their old rules, 'the best indicator of future behaviour is past behaviour'
  • John L | 10 Apr 2014, 09:59 AM Agree 0
    Back peddling on their decisions already
    What's the point if you can appeal and go from life to 2 years from now
  • Patrick | 10 Apr 2014, 10:06 AM Agree 0
    ASIC should follow up and have criminal charges for fraud brought. If they succeed in achieving a conviction thay can then ban him for life due to the conviction. There is no appeal to the AAT re a criminal conviction.
    Why should we bother with all this compliance if the AAT is going to overturn.
    The credibility of the whole industry and NCCP has been dealt a death blow by this stupid namby pamby attitude of the AAT, we are all tarred by this grubby brush. I always operatate strictly compliant and in my clients interest, not because of the law but because I have very high personal and professional standards and values: "Deal with honour, sleep at night".
  • Clarke Kent | 10 Apr 2014, 10:11 AM Agree 0
    I agree with Country Broker fruad is fraud this is a lifetime ban no second chances here
  • Alistair Kelsall | 10 Apr 2014, 10:29 AM Agree 0
    You have to be joking, as above, thats fraud committed by a mortgage broker. If he has done it once for the gain of himself and others then don't you think he has this type of mind set.
  • Melbourne Broker | 10 Apr 2014, 11:29 AM Agree 0
    Whilst I agree that the over turning of this decision is a joke, it s now down to the aggregators, lenders and the FBAA/MFAA. Lets see what they do, as without them he cannot practice. Who in their right mind would take this character on?
  • Ray-Perth | 10 Apr 2014, 11:54 AM Agree 0
    OMG I cant believe this. There has to be more to this story. FRAUD is FRAUD. If its deliberate as it appears in this situation a life time ban is appropriate as a minimum. Seriously I cannot understand ASICs back down here
  • Dan - Melbourne | 10 Apr 2014, 12:05 PM Agree 0
    @ Country Broker - you're spot on! This is spot on when it comes to our courts being soft - this is the WORST of offenses - and exactly the whole reason for the introduction of NCCP - to get rid of these cowboys - and the courts let them off....disgraceful.
  • Coast Broker | 10 Apr 2014, 12:37 PM Agree 0
    Hopefully he will not get a chance to practice anyway as surely any aggregator would not want him as a member. As people have said fraud is fraud.
  • Aarong | 10 Apr 2014, 12:38 PM Agree 0
    I take the opposing viewpoint and I think 2 years is fine and it is a punishment. It is a long time not to have the work you are used to or no regular work. What's with the head on a stake mentality anyway? It could be your head next and for something very small. Big Brother is watching. We've all seen instances where the banks themselves have stretched the truth or done something wrong. Should the directors of the Big Four get lifetime bans as well? Lets be fair. Should they be charged with fraud if their companies weren't perfect. Fair is fair, right?
  • Goodo | 10 Apr 2014, 01:03 PM Agree 0
    Aarong - your comments and support of this behaviour are almost enough to have you permanently removed from the industry too.
    Its rather simple - he has committed fraud, falsified payslips & letter of employment all to gain a financial benefit for himself. I make no apology for wanting a grub like this removed for my industry. If you support this type of behaviour then you can follow him too.
  • Sylvia | 10 Apr 2014, 01:28 PM Agree 0
    I think everyone is looking at this from a one dimensional point of view. I would bet anything the loan applicant knew what was going on and probably influenced George. We don't know the whole story here. What happened to these loans and the applicants. Did they lose their homes, default in the loans, suffer financial loss... It's not all black and white... ASIC obviously knew that.
  • Positive Broker | 10 Apr 2014, 04:47 PM Agree 0
    C'mon Aarong, this guy didn't just stretch the truth. He falsified a document. I'm sure we all make deals look as good as possible but falsifying documents is a bridge too far as far as I am concerned.
  • Chris | 10 Apr 2014, 05:27 PM Agree 0
    This industry needs to make an example out of him. A lapse of judgement is not an excuse. We need to draw a line so people who are on the edge of doing dodgies know that their livelihood is being gambled with. Jail him and ban him.
  • Aarong | 10 Apr 2014, 07:57 PM Agree 0
    Hi Goodo, I don't support the behaviour although I do think this punishment for a first time offender is probably just. Just grab a little scale here. I don't think ASIC should have ever been empowered to regulate an industry that was the best performing banking sector in the world without them. Lifetime bans! You should hear yourselves. Wake up. Goodo wants me to have a lifetime ban for having an opinion. It sounds like sheep in waiting pens egging on an abattoir. You only get 20 years for murder if you get that and you want lifetime bans? Did you ever do something when you were 25 that you wouldn't repeat when you were 35 or 40? I bet most of you did. I'd say this broker has probably learned this lesson better than almost everyone else out there. If he re-offends, that is a different story and I would then say throw the book at him. By the way, how many bank employees get lifetime bans or are marched out to prison? Suddenly everyone supports the inquisition when its a broker to blame. I also agree with Sylvia, there is probably more here than the article mentions and it probable warranted some leniency.
  • Old Broker | 11 Apr 2014, 02:53 AM Agree 0
    Stuff him! He committed fraud. A leopard doesn't change his spots. We all work too hard to protect our credibility and here we have the powers that be whiteanting us?! This decision is CRAP!!!!!
  • Aarong | 11 Apr 2014, 08:35 AM Agree 0
    Hi Positive Broker. Yes, I agree some punishment is needed and he has had that. It should fit the crime though. If I had to stop brokering for 2 years, it would have a devastating effect on my whole life and business. I think he has been punished financially and to his reputation. All I want though, is equal protection under the law. Is this so strange? For every broker I see getting banned, why don't I see two bank staff? There are more of them and do the brokers on this forum think the bank staff have higher ethics? Brokers have recently become the scapegoats of the whole industry and it pains me to see other brokers out there calling for draconian, lifetime, punishments. ASIC gives a chuckle every time they see us rush to devour our own. They use these responses to 'prove' that further regulation is needed. Here, an appeals body actually went back and decided that they the government had overreached, but that isn't good enough for nearly all of the brokers on this forum. You can bet if they downgraded the punishment, it was probably too high to begin with. If his business infrastructure was based on corrupt processes, he probably would have done prison time. From what I'm reading, he was stupid a few times, not corrupt all the time and the appeals body recognised this.
  • Mega Banker | 11 Apr 2014, 09:12 AM Agree 0
    Give me a break Aarong. I am prepared to let him back into the industry after he has served his original penalty - Life Ban. Until then let him dig a ditch or two
  • Aarong | 11 Apr 2014, 09:29 AM Agree 0
    I'm actually struggling to believe that I'm the only one on this forum that thinks the decision is just. Who in world is everyone trying to impress? I've just got to ask again why the lifetime ban? Are there brokers out there that think this industry has a bad reputation, so we need to 'clean it up'? Really? My perception is very different to this. I don't get people thinking its a slimy industry. Most people I run into hold my job in high regard except for a few 'tall poppy' fools who just hate anyone in the finance industry. Nobody but our community is ever going to even know about this case anyway, so throwing the book at him doesn't do anything for the reputation of the industry as a whole. For those who want him to do jail time.... I think you might not be acquainted with the duties of the fraud squad. They are severely underfunded and undermanned and they aren't going to take a case where there is no victim. Did someone lose their house or their life savings over what he did? It hasn't been reported this has happened. In fact, it looks like he's in trouble for being sloppy and for the act of fraud itself and not for damages due to criminal behaviour. Sorry, the fraud squad isn't going to take time to try to prosecute victimless crimes when they are trying to jail criminals who are committing embezzlement or actually stealing from investors and pensioners. Sorry, they aren't available for brokers self need for needless over-purification...
  • Greg Uehling | 11 Apr 2014, 09:39 AM Agree 0
    I'd love to know the real story why his punishment was lifted on appeal. There is obviously a back story here that we aren't aware of because I'm one for penalising premeditated fraud with harsh penalties. How did he get off? I surely don't know but would love to.
  • Papery | 11 Apr 2014, 09:53 AM Agree 0
    There are no degrees of honesty..... and he DID IT F I V E TIMES!!
    He burnt the bridge on purpose...and he can now go another industry. All you suporters & forgivers...would you welcome him into your business knowing what he did??
    As Dr Phil says.....past behaviout is the best predictor of future behavious.
  • Goodo | 11 Apr 2014, 10:11 AM Agree 0
    Your support of this fool will have you too one day leaving our industry!I for one thinks the sooner then better and from the sound of it most other agree!
    Wake up to yourself and realise that fraudulently altering or manufacturing document in order to deceive and secure finance for yourself and others can not be painted in any manner than the most serious fraud!
    If you were a solicitor you would be disbarred.
    If you were an accountant you would be exiled for life.
    If you were a doctor you would lose our license.
    Whether you are 25 or 75 This is a step that no one with ethics is prepared to take! Perhaps you should understand as everyone else appear to!
  • Aarong | 11 Apr 2014, 11:12 AM Agree 0
    Goodo. The facts don't appear to support your rant. This broker only got a 2 year ban. I won't be getting anything for saying its just. Happy witch hunting...
  • The Sage | 11 Apr 2014, 11:33 AM Agree 0
    Wow, the lynch mob mentality is certainly alive and kicking.

    How on earth can you all come out in support of the punishment WITHOUT KNOWING THE FACTS?

    All I've seen is a headline. I reserve judgement until the full details of the case are released.

    Obviously the court agreed that the punishment DID NOT FIT THE CRIME !!

    Is that the sound of Gallows being built I hear?
  • Goodo | 11 Apr 2014, 03:06 PM Agree 0
    Well lets talk facts.
    - He has been found GUILTY of fraudulently altering document for financial benefit FIVE TIMES.
    - He has been ousted by the MFAA for misconduct - previous articles.
    - He was given a lifetime ban by ASIC
    - The term of the ban was reduced by an appeal tribunal but he was still GUILTY.

    The fact that this behaviour and that his appeal was successful does not disgust you like it does everyone else here shows one of two things:
    1. Your ethical standards are far lower the mine and the majority of people who have commented on this post.
    2. You have a vested interest in the person &/or their behaviour.

    Either way enjoy your next career when your time comes.

  • Stephen Dinte | 12 Apr 2014, 10:20 AM Agree 0
    I may be well off the mark, but I don't recall any part of NCCP dealing with deposit bonds. According to the story as I read it, George apparently made up some dodgy loan approval letters in order to secure deposit bonds, which I am guessing he did so that clients could exchange contracts. Was that a stupid thing to do - absolutely. Does it warrant a life time ban - not really. Nowhere in the story does it mention if any clients lost money, so I doubt that happened. Will he be watched like a hawk if he returns to the industry - definitely. I am not sure how our two industry associations will react when he applies for membership, and it will is questionable if he will be accepted by any of the aggregators.
    Not for one second do I condone his actions, but a lot of people have done far, far worse and received a lot more leniency, i.e. Alan Bond..
  • Aarong | 14 Apr 2014, 10:42 AM Agree 0
    Hi Goodo, I've just re-read your comments and I think you are saying that I personally and everyone who supports this decision should leave the industry because I/we agree with an appellate courts decision. Is this true? You actually think one could be drummed out of the industry for agreeing with the authorities in that industry?

    My ethics are fine and that is inarguable. You want to suppress freedom of thought and expression.

    My tenure as a broker is measured in decades not years, so I can remember the ridiculous argument that the introduction of ASIC to our industry will somehow clean it up. It was pretty clean to begin with and there were already ways of getting fraudulent brokers out and even prosecuting them. Law and order didn't descend with the NCCP.

    I won't be going anywhere and despite your best Hopes.

    The Thought Police don't actually exist in Australia as yet. Sorry, but we are a free country with freedom of expression... That is the point of the comment section of this very article. Its not to find heretics to burn at the stake.

    You may be suited better to being a broker in North Korea, Cuba or Russia. They punish people there for opinions. Of course, you want to go the extraordinary step of punishing people for opinions who agree with the authorities... Not sure how that's going to work out for you....

    What a world it would be if you got into trouble for agreeing with a courts decision. Good luck with creating that.
  • John C | 24 Apr 2014, 11:08 AM Agree 0
    Everyone is missing the point here. ASIC is a regulator NOT A COURT OF LAW! They in my opinion don't have the right to impose any penalty, ONLY A COURT OF LAW Does. We do not know the full story or the facts. Who decides whether the alleged information is true and correct? ASIC? Get real everyone! The fact that this individual was penalised to such an extent without the sanction of a court judgement needed to be appealed otherwise you all could end up being targets of ASIC because they know they can get away with it. Anyone following the current investigations into ASIC in Sydney at the moment might be surprised at the amount of criticism being levelled at ASIC because they have grown too big for their boots and over-stepped their authority. Many of the posts I am seeing here are coming from (in my world) self-righteous individuals who do NOT live in the real world. Lets see how you like it to be accused of potential serious offence with out the right of reply? To allow this to occur is nannystatism at its worst and as soon as some of the former governments legislation is repealed the better for all.
  • Aarong | 24 Apr 2014, 03:07 PM Agree 0
    John C, I couldn't have said it better myself.
  • John C | 28 Apr 2014, 12:19 PM Agree 0

    Thank you for your support. However if you are interested, there is a new Association that has launched called the Small Business Party of Australia. has been established by a group of concerned small business owners and operators who are enormously concerned that they have no voice or power & strength and no one to fight the likes of Corporate Business, Government Agencies such as the ASIC and the ATO because they are soft targets for these monolithic entities. Both of the major political parties have lost their way in particular with Small Business and the SBPA is an Association that is here to change this. Why don' t you go to and invest $77.00 support an organisation which has been established to give you a proper representation and support that the other so called Associations are not able to supply because they have not taken it to the next level which is to make it political. If you want some common sense brought back into the Industry and the ability to make your business and career worthwhile, don't delay the SBPA are seeking supporters URGENTLY today & more importantly they want YOUR imput. Cheers,
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