Former mortgage broker, Daniel Duy Anh Nguyen, has pleaded guilty in the Adelaide Magistrates Court today to five charges of giving false or misleading information toWestpac.
As Australian Broker reported in September, ASIC’s investigation found that between October, 2011 and February, 2012, Nguyen provided false or misleading information relating to a sale contract and rental appraisal letters provided in support of home loan applications worth more than $500,000 on behalf of five of his clients.
At the time of the offences, Nguyen operated a finance broking business called Arndale Finance at Woodville North, South Australia. The offences each carry a maximum penalty of two years imprisonment or a fine of $11,000 or both.
Nguyen is the sole director of Ausfin Solutions Pty Ltd (Ausfin), which traded as Arndale Finance. His conduct was brought to ASIC’s attention by Westpac, which assisted with ASIC's investigation.
On October 16, 2013, ASIC banned Nguyen from engaging in credit activity and from providing financial services for a period of four years. On October 18, the regulator cancelled Ausfin's Australian credit licence.
Since taking over national responsibility for credit in 2010, ASIC has taken action over brokers submitting fraudulent loan applications and similar behaviour. Recent cases have seen individuals criminally charged or banned. These include:
Edward Richard George
Eric Ying Ching Chu
Nguyen next appears in court on November 8, 2013 for sentencing.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.