ASIC has permanently banned a former New South Wales mortgage broker and financial services representative after an investigation found he engaged in dishonest conduct.
Edward Richard George, from Mudgee, has been permanently banned from providing financial services and engaging in credit activities after ASIC found him to be not fit and proper, or of good character.
An ASIC investigation looked into George’s conduct when he was a broker operating under the name Quest Home Loans.
The regulator found that on two occasions between March and July, 2011, George falsified and submitted eight documents for four deposit guarantees and one home loan. The applications were for himself and four clients. The false documents included loan approval letters, employment letters and payslips.
‘Mr George’s dishonest conduct is incompatible with the honesty, integrity, diligence and judgment that is required of those in the industry,’ says ASIC deputy chairman, Peter Kell.
George has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
ASIC’s crackdown on brokers submitting fraudulent loan applications and similar behaviour has seen individuals criminally charged or banned. As reported by Australian Broker, these include: