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ASIC bans broker over fake approval letter

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Australian Broker | 18 Jul 2013, 05:00 AM Agree 0
A Perth-based broker has been permanently banned after falsifying an approval letter
  • ANF | 17 Jul 2013, 02:36 PM Agree 0
    Is it just me, or does it seem that a larger portion of the banned brokers are coming out of WA, a state that was "apparently" previously our only regulated state!!!
  • Broker - 15 Years | 17 Jul 2013, 02:48 PM Agree 0
    Permanent Ban from the mortgage industry for falsifying documents ...

  • Keith B of the West | 17 Jul 2013, 02:57 PM Agree 0
    Another one bits the dust! but while ASIC blows its trumpet, in reality this individual would have been banned by MFAA for life irrespective of whether NCCP legislation was in place or not!.
  • ozboy | 17 Jul 2013, 04:18 PM Agree 0
    I am trying to clarify this in my mind. Send FALSE approval letter so CBA will then fund $256,000 in loan? What stage was CBA at ? I'm reading between the lines in that the loan process was in play. Why would you even consider to fabricate a formal approval letter when you know you have no hope of settling and the consequences involved for ALL parties? I see what the regulator has done/concluded but I feel the FULL situation is not being informed to the readers in this write up. More information is beneficial here. Having said that, lenders expect brokers to be ethical, honest and trustworthy in ALL their dealings. If the 'Broker' took it upon himself to issue a fabricated letter that didn't reflect the entire truth he deserves what has happened. He only has himself to blame.
  • Tony Crook | 19 Jul 2013, 07:49 AM Agree 0
    Like Ozboy I am really having trouble getting my head around this guys thinking. There has to be a missing piece such as the fake letter was not CBA but from another lender on which a CBA loan was contingent.
  • Emanuel | 23 Jul 2013, 12:15 PM Agree 0
    ANF is it just you!! see MFAA webpage 50 suspended or
    expelled 3 from WA !!
  • Kumar | 24 Jul 2013, 02:02 PM Agree 0
    Why ? What benefit ? a CBA loan can not settle on a falsified approval letter. We are
    only reading between the lines, more details
    would've been better.
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