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ASIC bans broker for three years

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Australian Broker | 05 Feb 2018, 11:06 AM Agree 0
The broker overstated clients’ savings in loan applications on five occasions
  • Country Broker | 05 Feb 2018, 11:29 AM Agree 0
    I am curious , did the lender not ask for proof of the savings amounts.
    Yes the Broker was wrong and fraudulent , but in my experience the banks I deal with in this space want confirmation of the deposits held.
  • SWLS | 05 Feb 2018, 12:04 PM Agree 0
    From what I read, the broker actually fabricated the document as well. All lenders will ask for proof of savings, especially with an SMSF loan.
  • SEQ Broker | 05 Feb 2018, 01:05 PM Agree 0
    Only 3 Years....
    Recently I have let a couple of deals go because the narrowly miss servicing requirements only for them to be picked up elsewhere...
    The result of committing a purposeful fraud should be expulsion.

  • Tim H | 05 Feb 2018, 01:44 PM Agree 0
    SEQ Broker I could not agree more. We have an overcrowding of brokers with the entry level way too low in my opinion.
    This guys actions were fraudulent. This is a criminal activity related to people's financial dealings and he should be banned for life.
    Sounds like the whole organisations operations are questionable. Hopefully there will be criminal charges also.
  • Peter | 05 Feb 2018, 02:14 PM Agree 0
    I wholly agree with all the comments, doesn't the lender ask for proof of savings ie statements
  • SMc | 05 Feb 2018, 04:05 PM Agree 0
    These guys (criminals) were into all sorts of crooked activities - I bet they even took commissions from developers agents, given that a consumer, in the instance on this link, paid $335,000 for a property that is valued at only $270,000
  • Interested Party | 06 Feb 2018, 12:01 AM
    Deleted by moderator
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