Adelaide mortgage broker permanently banned by ASIC

The company's credit licence has also been cancelled

Adelaide mortgage broker permanently banned by ASIC


By Mina Martin

Adelaide mortgage broker Domenico Schiafone has copped a permanent ban from engaging in credit activities and from providing any financial services.

The Australian Securities and Investments Commission also cancelled the credit licence of Erahon, of which Schiafone was the sole director. Erahon formerly operated a finance brokerage business that traded as Ora Lending Solutions, from Sept. 16, 2011 and Oct. 22, 2020.

ASIC said “Schiafone was knowingly or recklessly involved in the provision of false payslips and bank statements to five banks to support 11 home loan applications lodged on behalf of his customers,” for a period between May 2018 and March 2020.

Schiafone has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal. 

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