Breaking News: Former WA broker permanently banned from industry

by AB18 Nov 2013

ASIC has permanently banned a former mortgage broker from engaging in any credit activities and providing financial services following her jailing for defrauding 24 investors of more than $4 million.

In June 2013 Catherine Anne Thompson of Mortgage Miracles Pty Limited was convicted of stealing and sentenced to five years and one month in jail. She must serve three years and one month in jail before she'll be eligible for parole and must also pay compensation to her victims.

Between 2007 and 2008, Thompson, formerly of Canning Vale, Western Australia, convinced her clients, including friends and members of her church, to part with hundreds of thousands of dollars for an investment scheme.

"People working in the credit industry must demonstrate high standards of honesty and integrity," says ASIC deputy chairman Peter Kell.

"Ms Thompson’s conduct fell well short of those standards, showing a persistent pattern of lying to people who trusted and relied on her. This banning means that Ms Thompson cannot re-enter the credit and finance industry."

Thompson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

WA Police investigated Thompson’s conduct and she pleaded guilty in the District Court of Western Australia.

Thompson was a mortgage/finance broker from 2000 to 2008. In 2004 she set up Mortgage Miracles and was its director.

In 2010 ASIC took over regulation of consumer credit under the National Consumer Credit Protection Act 2010 (Cth) (National Credit Act). The banning orders made by ASIC against Thompson are made under the Corporations Act 2001 (Cth) and the National Credit Act.

COMMENTS

  • by M C C 18/11/2013 1:10:49 PM

    But hang on, that was to members of her church! Arn't all those 'religious' based organisations full of people that have 100% integrity & honesty & are not driven by the holy dollar & self interest, but by the need to 'give' to those that are less fortunate. To even out social inequities. Dare I say it practice Socialism! Oh no now I'm in trouble!!!!!!!

  • by Keith of the west 18/11/2013 1:15:56 PM

    She was also recognized as one of the top brokers in the country dare I say more?

  • by Jeremy 18/11/2013 2:03:43 PM

    About the same sentence if you king hit and kill someone in Kings Cross,
    There's something not quite right here.