BREAKING: Melbourne broker hit with five-year ban

by Adam Smith07 Nov 2013

ASIC has issued a five-year ban to a Melbourne broker and cancelled the licence of his business.

The regulator has announced it has handed a five-year ban to Tony Quach following an investigation. ASIC alleged Quach, through his company TQ Smartchoice Pty Ltd, submitted six home loan applications to two lenders that contained false or misleading information.

ASIC said Quach had obtained information and documents from a source other than the home loan applicants, and had failed to verify the information with the applicants.

"ASIC takes allegations of loan fraud very seriously. We will continue to remove from the industry those involved in misleading loan applications." ASIC Deputy Chairman Peter Kell said.

The watchdog also cancelled the ACL of TQ Smartchoice Pty Ltd.

COMMENTS

  • by AL PUPELLO 7/11/2013 2:27:23 PM

    We need to applaud ASIC for the tough stance they continue to adopt against the "cowboys" in our industry.I think Tony Quach might be looking for a part time job selling icecream just to help out with cashflow for a few years. !!

  • by L3nder 7/11/2013 2:35:24 PM

    "ASIC said Quach had obtained information and documents from a source other than the home loan applicants," So did the lenders, did they get a 5 year ban also?

  • by Keith of the west 7/11/2013 2:58:34 PM

    What an idiot why not a lifetime ban?