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.

New online poll: Have you ever experienced branch/broker channel conflict? Please click here to let us know.