A Federal Court ruling against a Sydney broker shows the MFAA made the right decision to expel him eight years prior, CEO Phil Naylor has said.
The Federal Court recently found that two companies owned and operated by Chris Riotto had acted unconscionably, and in at least one case had done so with Riotto’s knowledge and involvement. Naylor said the result vindicates the MFAA’s 2004 decision to expel Riotto.
“This is further evidence that the MFAA’s disciplinary process is very robust and thorough,” he said.
After being expelled from the MFAA, Riotto was granted membership in the FBAA. Naylor said details surrounding Riotto’s case would have been public knowledge at the time he was admitted to the FBAA.
“If you go back and check the records, our expulsion and the reasons for it were made quite public, and no one can say they didn’t know about that,” he said.
FBAA president Peter White said the association had admitted Riotto after lengthy deliberation, and had believed at the time the MFAA had made the wrong decision in expelling him.
“Clearly, we hadn’t,” Naylor said.
FBAA vows to eject 'unconscionable' broker
Federal Court finds against former NSW FBAA head