Major bank home loan manager convicted of fraud

by Julia Corderoy27 Feb 2015
A former major bank home finance manager has been banned from providing financial services after being convicted of fraud.

Former Westpac home finance manager Ravinesh Singh – who worked at Westpac's Market Street branch in Sydney in 2011 and 2012 – has been permanently banned by ASIC after pleading guilty to eight charges of dishonestly obtaining financial advantage by deception.

According to ASIC, throughout 2011 and 2012, Singh withdrew over $113,000 from ATMs after obtaining eight credit cards using false names.

ASIC Commissioner, Greg Tanzer says Singh has demonstrated he lacked the high standards of honesty, integrity and judgment required of individuals working in the financial services and credit industry.

“Consumers need to have confidence and trust in those providing financial and credit services. Individuals who fail to operate with integrity and in the best interests of their clients will be removed from the industry,” he said.

Singh has the right to appeal to the Administrative Appeals Tribunal for review of ASIC’s decision.

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  • by Melb Broker 27/02/2015 2:29:37 PM

    If they investigate home loan officers from the big 4 they would be shocked as to the amount of fraud going on.
    I am unable to secure finance for a very good friend of mine as he does not show the capacity to pay, however he continually obtains finance from his "mate" at CBA.
    Go figure!!

  • by CharlieX 3/03/2015 1:01:48 AM

    if ASIC really wants to clean up the industry, it just needs to start from the closets of the big four.

    it's easy for ASIC to catch the small fish, but does it has guts to catch the bigger fish?

  • by Macca 22/03/2015 10:39:23 AM

    ASIC has no real intention of cleaning up banking in this country I have just finished a second case with a second major lender both were found guilty of Maladministration. That is not just a coincidence that both made a slip of the pen when rewriting the information we had supplied along with adjoining taxation department figures, that is what it is systemic fraud at the highest level being ignored by our highest regulator. ASIC will not be recognised as a regulator of industry and standards until they themselves take a real submission to parliament demanding a full scale Royal Conmission be held into the Banking and Finance industries. At the moment the Banking and Finance industry gets the respect it deserves they are seen with as much integrity as a used car salesman of 25 years ago.