The Australian Securities & Investment Commission (ASIC) has permanently banned a former finance broker from engaging in credit activities and providing financial services after she entered a guilty plea to three criminal charges.
ASIC handed the ban to Jennifer Farias after she pleaded guilty to three counts of loan fraud earlier this year after an investigation by the regulator found she had submitted 10 fraudulent loan applications containing false invoices and false information.
Farias pleaded guilty to the charges in June this year
and was given a one-year intensive correction order after it was revealed she had received more than $100,000 from the fraudulent applications.
Farias had received $96,270 in loan funds and $10,349.26 in commissions from a credit provider after providing the fraudulent loan applications.
Loan funds totalling $20,000 and commissions totalling $4,675.80 were then transferred to other persons after being paid to Farias by the lender.
In addition to being sentenced to the correction order, Farias was also ordered to pay compensation totalling $100,000.00 to the lender for loan funds and commissions paid to her.
ASIC deputy chairman Peter Kell said the permanent ban showed the regulator was committed to stamping out loan fraud in the broking industry.
“ASIC's action in this matter demonstrates how serious we are about tackling loan fraud. We won't hesitate to take action against dishonest brokers who falsify documents and remove them from the industry,” Kell said.
Farias has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.