ASIC has scrapped the credit licence of Melbourne-based brokerage Star Aliiance Financial Services, and permanently banned its director, mortgage broker Prasanna Wijesekara.
Following an investigation into Wijesekara, ASIC has barred him from ever engaging in credit activities, after he was found to have made false and misleading statements on his ACL application.
Based in South Morang on the outskirts of Melbourne, ASIC found Star Alliance's application was false and misleading because it did not state AMP Bank had cancelled his accreditation as a broker in 2010.
In addition, ASIC said it had reason to believe Wijesekara had provided falsified documents and false and misleading information to AMP Bank in support of a loan application in 2010.
ASIC said Wijesekara also knew, or was reckless as to whether his credit licence application details were false and misleading.
ASIC commissioner Peter Kell used Wijesekara's permanent banning as an opportunity to warn brokers against falling afoul of the regulator and recently introduced NCCP legislation.
"These outcomes demonstrate ASIC’s ongoing commitment to ensuring that only those who meet requisite standards of honesty and integrity are permitted to participate in the consumer credit industry," he said.
Wijesekara and Star Alliance have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
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