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Broker steals $170,000 from client: What makes brokers go bad?

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Australian Broker | 13 Nov 2013, 08:00 AM Agree 0
A South Australian broker pleaded guilty yesterday to stealing $170,000 from a client - but what makes members of an overall honest industry go shady?
  • Ray C | 13 Nov 2013, 09:04 AM Agree 0
    Why is Australia Broker Online quoting anyone from Choice Advocacy Group who take any chance they can to stick the boot into Brokers? They have previously run a big switch campaign without apparently meeting any of the NCCP requirements that brokers need to meet. Australian Broker please use credible sources in future.
  • Observer | 13 Nov 2013, 09:07 AM Agree 0
    Not sure that Mr Godfrey understands what he is talking about. PI insurance and EDR membership are requirements of ASIC for holding a credit license. All consumers need to do is check that the broker is licensed.....
  • Gary S | 13 Nov 2013, 09:20 AM Agree 0
    This is always disappointing news, but how many lawyers, accountants and financial planners to name just three professions also fall to greed. We are all human and unfortunately as finance brokers when something like this happens we end up in the spot light for all the wrong reasons. The reality of life is you will never stop fraud. We can though as humans adhere to laws we create, our conscience and sense of what is right to ensure we always conduct ourselves in the highest professional manner.
  • Dave Robinson | 13 Nov 2013, 09:25 AM Agree 0
    “We believe the MFAA should crack down hard on any broker that violates its Code of Practice and Disciplinary Rules, and that potential home buyers should report any problems to the MFAA as well as the COS and FOS. The reputation of a self-regulated industry depends on how well it polices itself.”

    I wish I lived in your world Mr Godfrey bet it's full of rainbows and fairy's. Now back to reality I go.
  • Albert Waldron | 13 Nov 2013, 09:28 AM Agree 0
    What have commisions and the tiny difference between one lender over the other got to do with fraud and theft? As a broker, who has the time to work out which lender pays 0.005% and a crystal ball to work out how long the client will stay with a lender to work out if your better off with a lender A or B over the time the client stays with the lender.. Absolute rubbish from Tom Godfrey.. Come on MFAA and FBAA please take some legal defamation action against the lies this guy is telling.
  • Denise Brailey BFCSA (Inc) | 13 Nov 2013, 10:32 AM Agree 0
    Stealing is a criminal offence. I have reported over 30 people over the years and all are serving time now. That's as it should be. The thing brokers need to watch is that few steal money but brokers unfairly, are being blamed for using service calculators which credit assessors are altering. Be warned. We have the proof.
  • Country Broker | 13 Nov 2013, 10:35 AM Agree 0
    Oh dear Choice commenting again, this is the group who founded the ill fated refinance schemes which has disappeared into the never never ! : His comments are sound in many ways but lack creditability due the source that is CHOICE . Note MFAA are cracking down very hard on rogue members they do not need ill founded comments like this!! This fellow was caught and dealt with . Instead of reporting on comments from a self centred interest group, perhaps comments from the MFAA and other industry bodies would be more relevant. Please do not give Choice any space it a waste of space .
  • Alex C | 13 Nov 2013, 01:49 PM Agree 0
    This Royce chap is (allegedly) just another idiot of the same ilk as any white collar criminal. It would not have mattered what career he chose, the result would have been the same. This doesn't cast any aspersions on brokers as a whole, whatsoever. It would be the same to argue that doctors are all bad because of Dr Patel's performance.
    Why a broking industry publication is citing comment from a biased source, seeking to discredit the broking industry for their own benefit, is curious.
    The switch campaign made Choice an industry cowboy that should itself be brought to heel by the regulator. To quote that entity as an authority is laughable.
  • Hawthorn Broker | 13 Nov 2013, 06:34 PM Agree 0
    Is there any remote link between stealing money and discussions regarding comparative commissions? Only in Royce's world.
    In any event, why would a broker jeopardize future referrals and possible multiple further commissions via a happy client by recommending an inferior product for a single additional commission?
    Suggest Royce get a Cert IV in commerce.
  • Greg M | 15 Nov 2013, 10:47 AM Agree 0
    Why do police officer, judges, solicitors, financial planners, credit analysts, politicians and leaders of unions go rogue ? Why does anyone. This article is the worst piece of journalism I have ever read and its lame effort to draw a parallel between one individual and an entire profession is pitiful.

    On any given day you can read terrible stories in the paper regarding murder, organised crime, theft and worse, the employment or profession of any people involved does not contribute to their personality in any way.

    If this is any reason to label a profession then its take for journalists to take a look at themselves in the mirror because the entire Murdoch scandal says more about a singular profession than anything else I have seen reported to date.
  • Tim H | 18 Nov 2013, 11:46 AM Agree 0
    Mackenzie I am sure you are a good person who won't "go bad" but there have been and will be in the future others in your profession who will "go bad" as you put it.
    This article and it's headline highlights that again our industry bodies need to be more pro-active in letting the general public and the media and people like Mr Godfrey know how brokers operate.
    This article and the quotes from him, a person who seems ill-informed, biased and seeking self publicity is just insulting to all the hard working honest brokers who actively work to do the best by their clients.
    Malcolm Royce Jones is a self-confessed criminal and will get what he deserved for his crimes. He was a broker but don't tarnish the whole industry as Mr Godfrey is trying to do because of one individual.
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