ASIC permanently bans finance broker

by Adam Smith10 Jul 2014
ASIC has permanently banned a Victorian finance broker for providing misleading information and a lack of full disclosure on his credit licence application.

The regulator announced it had banned Rudy Noel Frugtniet from engaging in credit activities. Frugtniet was the former director of Unique Mortgage Services Pty Ltd. ASIC said its decision was based on Frugtniet's lack of full disclosure and misleading answers given in relation to the company's application for a credit licence, as well as his adverse disciplinary history, including his:
  •     involvement in the breach of a company’s travel agent’s licence
  •     making of a false declaration to the Migration Agents Registration Authority
  •     two rejected applications to be admitted as a solicitor
  •     making of false statements on Newstart allowance application forms
  •     misrepresenting himself as a lawyer with standing to appear in court
  •     conveyancing licence being cancelled, and
  •     making of a false or misleading declaration to the Tax Practitioners Board.
"Those who deliberately provide misleading information in their credit applications simply should not be in the industry. Where we come across instances like this, ASIC will act quickly to ensure they are removed from the industry," ASIC deputy chairman Peter Kell said.


  • by Clarke Kent 10/07/2014 10:55:46 AM

    More identities than Superman!

  • by wayne 10/07/2014 11:02:44 AM

    sounds like he would have been a good broker ha Ha

  • by Gav of Brisbane 10/07/2014 11:03:03 AM

    I wonder how long it will take for the MFAA to take credit for this?