ASIC bans former NSW broker for seven years

Ex-brokerage director made false statements

ASIC bans former NSW broker for seven years


By Jayden Fennell

The Australian Securities and Investments Commission has banned former NSW mortgage broker Guodong Liu for seven years after he was found to have made false statements to ASIC.

Liu, also known as Louis Liu, has been banned from engaging in any credit activities, performing any function involved in engaging in credit activities, or controlling another person who engages in credit activities.

Between November 2016 and December 2017, Liu who was a director of mortgage brokerage businesses Wealth Investment Milestone Pty Ltd and Aus Mortgage Pty Ltd, lodged two annual credit compliance certificates and an Australian credit licence application with ASIC.

Liu knowingly made false statements in these three documents.

Liu also made a false statement directly to an ASIC staff member in connection with the credit licence application.

In banning Liu, ASIC found that he was not a fit and proper person to engage in credit activities.

ASIC found that Liu’s actions showed a lack of honesty, integrity and judgement and that his failure to tell the truth about why he needed a new credit licence suggested a significant degree of deceit.

Liu’s banning has been recorded on ASIC’s publicly available Banned and Disqualified persons register.

Liu now has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.

On November 27, 2020, Liu was convicted in the Downing Centre Local Court of knowingly making false statements and on July 29, 2021, the District Court overturned Liu’s conviction and sentence but found him guilty of the offences and placed him on a two-year good behaviour bond.

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