Mortgage company director banned from industry by ASIC

by Julia Corderoy25 Aug 2016
The former director of a mortgage company has been banned from providing financial services for six years following an ASIC investigation.

ASIC found that that Anthony John Downey, of Brighton, Victoria, engaged in misleading conduct by providing false documents to support an application for an Australian visa, knowing that the documents would be provided to an Australian government department.

Downey was a director of Platinum Mortgage Securities, a contributory mortgage fund scheme, until June 2015.

According to ASIC, the relevant documents prepared by Downey falsely represented that the visa applicant had made a qualifying investment with Platinum Mortgage Securities Limited.

“ASIC expects directors and officers of financial services licensees to act with integrity when performing their role and, when they fail to do so, we will act to remove them from the industry,” ASIC commissioner Greg Tanzer said.

The matter was reported to ASIC by Platinum Mortgage Securities Limited.