ASIC hits broker with permanent ban

by Adam Smith10 Nov 2015
ASIC has permanently banned a Queensland mortgage broker.

The regulator said it had banned Jiangyong (Jenny) Mao from engaging in credit activities and providing financial services after an investigation found she created and submitted false documents in support of home loan applications for her clients.

ASIC said Mao "is not a fit and proper person" to engage in credit activities, and determined she was "not of good fame or character".

"The integrity of the home loan industry relies upon participants who are honest. ASIC will ban people who deliberately engage in fraudulent conduct," ASIC deputy chair Peter Kell said.

Mao has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.

COMMENTS

  • by Aydn 10/11/2015 11:21:10 AM

    Nice work. The industry doesn't need scum like this. Sick of these so called professionals tarnishing what is otherwise a great industry to be a part of.

  • by GC 10/11/2015 11:24:46 AM

    Deny the review and put her in prison where she truly belongs.

  • by Coast Broker 11/11/2015 10:09:42 AM

    As reported by another trade magazine this Broker has held an ACR with Aggregator Finsure since May this year. Have to wonder if Finsure need to look at their vetting of ACR applications.