Former mortgage broker permanently banned by ASIC

by Mackenzie McCarty03 Dec 2012

ASIC has permanently banned a former mortgage broker from providing financial services and engaging in any credit activities, following his conviction for defrauding seven clients involving more than $1.1 million.

Mark Booty, 41, formerly of Rockingham, Western Australia, was licensed by the WA Department of Commerce as a finance broker when the offences occurred between 2007 and 2009.

Following an investigation by WA Police, a District Court of Western Australia jury found him guilty on eight counts of gaining a benefit by fraud. In April 2012 he was sentenced to five and a half years in prison with a non-parole period of three and a half years.

Booty set up an investment scheme into which seven clients invested money over an 18-month period that they had accessed by borrowing against their homes.

Rather than being invested and secured in the manner he had promised, Booty misappropriated the funds for his own purposes in his business and for personal expenses.

He became bankrupt in 2009 and the investors in his scheme lost their capital.

ASIC commissioner, Peter Kell, said the decision to permanently remove Booty from the financial services and credit industries was done to protect the public.

“While Mr Booty is currently in prison, it is important that he is prevented from working in the credit and finance industry in the future.”

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


  • by Keith of the West 3/12/2012 12:17:02 PM

    ASIC blowing their trumpet once again!. This idiot would have been immediatley banned and loss of broker licence, well before the introduction of NCCP

  • by Patrick 3/12/2012 12:58:13 PM

    What did required licensing in WA and the upgrade to NCCP do to save the "investors" from losing their money? Because he was "licensed" they probably trusted him and did not check the veracity of the proposed investments. In this sense the compliance regime gave them a false sense of security. It seems he probably did not have an AFS licence and there was probably no proper PDS and no proper SOA. If consumers do not check the requirements of relevant legislation they are both victims of crime and victims of their own stupidity. When will the govermenet realise that you cannot save people from themselves.

  • by Broker 3/12/2012 7:13:10 PM

    Well Done ASIC, however that's your JOB...!!