The Full Federal Court of Australia has dismissed former Victorian finance broker Rudy Noel Frugtniet's appeal against his permanent banning from engaging in credit activities.
ASIC permanently banned Mr Frugtniet, a former director of Unique Mortgage Services (UMS), in July 2014 after it was found he provided misleading information and a lack of full disclosure on a credit licence application.
Frugtniet appealed ASIC's decision to the Administrative Appeals Tribunal (AAT) in July 2014. On 6 March 2015, the AAT upheld ASIC's decision to permanently ban Frugtniet from engaging in credit activities owing to his "dishonest conduct over a prolonged period; his failure to show any real awareness of the nature, extent and significance of that conduct; and a demonstrated disregard for compliance with regulatory requirements".
Frugtniet appealed to the Federal Court for a review of the AAT's decision on 8 April 2015. On 22 August 2016, Frugtniet's appeal was dismissed.