Melbourne broker cops ASIC ban

by Adam Smith23 Jul 2014
ASIC has issued a four year ban to a Melbourne broker over falsified documents

The regulator has banned  Shilpa Karandikar, a Melbourne-based mortgage broker, from engaging in credit activities for four years after an ASIC investigation found she submitted false documents to secure a home loan worth $243,000. 

ASIC has alleged Karandikar submitted a $243,000 home loan application on behalf of a client in July 2012 that contained false payslips, false employment documents and a false bank statement. The home loan application also contained false information to make the financial position of her client look more favourable than it actually was. 

"Brokers who arrange home loans on behalf of the public must act with honesty, integrity and in the customer’s best interest at all times. Those who do not act in this way will be removed from the industry," ASIC deputy chairman Peter Kell said.