Fraudulent home loan group Mike Morgan Loans was outed by ASIC on Friday, but further investigation by Australian Broker has revealed the con artists are still attempting to do business with Australian consumers.
An email sent to Mike Morgan Loans by Australian Broker editor, Adam Smith, enquiring about the ASIC warning, elicited the following response:
We give all kinds of Loan at 3% interest rate, please visit our website and read more about us and also download the Application form, fill it and send it to us via email, We do hope to build a strong business relationship between this Company and yourself.”
Australian Broker contacted ASIC this morning regarding the email, but a spokesperson for the regulator was unwilling to explain whether there was any way for Australian authorities to have sites like Mike Morgan Loans’ shut down.
“We came out with our warning on Friday…we’d hope that people take those warnings and be cautious when approached with unsolicited offers of financial products.”
Furthermore, sources reveal it took the regulator nearly three months to warn the Australian public about Mike Morgan Loans, though ASIC maintains it acted as efficiently as possible.
"ASIC acted in a timely manner in response to the claims...Prior to issuing a Public Warning Notice, ASIC must take steps to investigate the claims made and to ensure it has sufficient information about which, to warn the public."