ASIC ban for prominent broker

by Adam Smith10 Oct 2012

 

A prominent Sydney broker has copped an ASIC ban for providing false and misleading statements on loan applications.
 
The regulator has alleged Athol Halvorsen, while working for Sydney Mortgage Market in 2008, acted as a broker for people seeking loans to invest in a financial scheme. ASIC has claimed Halvorsen submitted nine loan applications to either Perpetual or St.George containing false or misleading information about borrowers' income or employment. 
 
The watchdog cited two instances of Halvorsen's alleged misconduct. In one, ASIC claimed Halvorsen replaced a loan application filled out by borrowers with another application, submitting the application to St.George along with two pages signed by the borrowers.
 
In a second instance, ASIC alleged Halvorsen told St.George retired borrowers were still in employment.
 
The regulator has handed Halvorsen a six-year ban, and cancelled the ACL of Property and Gearing.com Pty Ltd, a company for which Halvorsen acts as senior manager.

COMMENTS

  • by FBAA waste of time 10/10/2012 1:43:42 PM

    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

  • by Bill Walsh 10/10/2012 2:16:33 PM

    Well FBAA - at least he put his name to his comments!

  • by Jim Adams 10/10/2012 2:54:55 PM

    I can confirm this behavious was absolutely prevalent in the funding lines we used.