ASIC has today taken action against two brokers, permanently banning one and taking the other to court.
The regulator has permanently banned Travis Truter of Ascot Vale, Victoria, a former finance broker for Aussie Home Loans, from engaging in credit activities and providing financial services.
ASIC found that between June 2016 and July 2017, Truter acted in a misleading or deceptive manner when he knowingly provided false documents to two banks in support of seven home loan applications totalling approximately $2.5m.
It was decided Truter is not a fit and proper person to engage in credit activities and not of good fame and character to provide financial services. Truter's banning is recorded on ASIC’s Banned and Disqualified Persons Register.
Truter has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Also today, Guodong Liu, a mortgage broker and director of Wealth Investment Milestone (WIM), of Rhodes, New South Wales, has been charged with two counts of knowingly making a false statement in credit licence compliance certificates lodged with ASIC.
ASIC alleges in April 2016, Liu had his lender accreditation with the ANZ bank suspended. Despite this, ASIC has alleged that in January 2017 and December 2017, Liu completed and submitted two credit licence annual compliance certificates to ASIC in which he falsely certified that none of WIM’s fit and proper people had accreditation cancelled or suspended by a lender, contrary to section 225(3) of the National Consumer Credit Protection Act 2009.
The matter has been adjourned to 4 February 2020 for further mention in the Downing Centre Local Court.