Federal Court dismisses broker's appeal

by AB20 Oct 2017
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.