ASIC bans fraudster broker

by AB26 May 2014
A broker has been permanently banned from the profession after she was jailed for fraudulently getting her clients over $9 million worth of home loans.

ASIC has permanently banned Victorian finance broker Kieu Thi-Thanh Huynh from engaging in credit activities after she was convicted of serious fraud offences.

Huynh, of Sunshine, Victoria, has also been disqualified her from managing a corporation for five years as a result of her conviction.

The woman is the former sole director of St Andrews Mortgage Solutions, which was authorised to engage in credit activities for a number of Australian credit licensees between July 2010 and March 2013.

In February 2014, Huynh pleaded guilty and was convicted in the Supreme Court of Victoria of 27 charges of obtaining property by deception and one charge of attempting to obtain property by deception.

She was sentenced to four years in prison, to serve a minimum of two years before parole. The proceedings were brought by Victoria Police.

Huynh created false payslips which she submitted to various credit providers to support the loan applications of St Andrews’ clients.

The 27 successful loan applications fraudulently created through Huynh’s actions resulted in her clients getting $9,411,688.30 worth of home loans.

Huynh received up-front commissions of $41,231.14 and trailing commissions of $14,510.85 – totalling $55,741.99. She also received cash payments of up to $10,000 from the recipients of the loans arising from the the false payslips.

ASIC deputy chairman Peter Kell said people who are authorised to engage in credit activities are expected to act honestly and with integrity.
“ASIC will act to ensure that finance brokers who engage in loan fraud are removed from the industry.

“As a further measure to protect the public from unscrupulous operators, Ms Huynh is automatically banned from managing companies for five years as a result of her conviction for serious fraud offences.”

Huhyn has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.