ASIC has issued a five-year ban to a Melbourne broker and cancelled the licence of his business.
The regulator has announced it has handed a five-year ban to Tony Quach following an investigation. ASIC alleged Quach, through his company TQ Smartchoice Pty Ltd, submitted six home loan applications to two lenders that contained false or misleading information.
ASIC said Quach had obtained information and documents from a source other than the home loan applicants, and had failed to verify the information with the applicants.
"ASIC takes allegations of loan fraud very seriously. We will continue to remove from the industry those involved in misleading loan applications." ASIC Deputy Chairman Peter Kell said.
The watchdog also cancelled the ACL of TQ Smartchoice Pty Ltd.