ASIC has punished a former RAMS
financial group credit representative for creating and submitting false documents to support home loan applications.
Andrew Douglas McClure, of Cheltenham, Victoria, is now banned from engaging in credit activities for five years after an investigation found he created and submitted false documents to support home loan applications.
In 2010, McClure processed applications referred to him by rogue property investment and finance business Money Choice.
Last May, ASIC cancelled the Australian credit licence of Money Choice and banned its director, Matthew George, for eight years for home loan related misconduct.
ASIC's investigation found McClure created and submitted false accountant's letters and failed to verify documentation in support of three home loans referred to him by Money Choice.
McClure also admitted to creating and submitting false accountant's letters in relation to another four home loans in 2010 and early 2011 for non-Money Choice customers.
“This sort of conduct can put consumers in financial difficulty if they obtain a loan that, in the long run, they cannot afford,” deputy chairman Peter Kell
“We will act to ensure those who engage in this conduct are removed from the industry.”
McClure, a credit representative of RAMS
Financial Group between 1 July 2010 and 8 August 2011, has the right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.