Vic broker dealt lifetime ASIC ban

by Adam Smith06 Jul 2011

ASIC has handed a permanent ban to a Victorian finance broker for falsely using another person's name to obtain finance.

In March of this year, finance broker Kristy Ann Lake pleaded guilty in the Melbourne Magistrates Court to two charges of obtaining property by deception. In 2008, Lake twice secured finance with loan applications she submitted falsely using another person's name. The fraud was uncovered when Lake stopped making repayments and the lenders contacted the person whose name Lake used on the applications.

Lake, the former director and secretary of Clearwater Financial Systems, was reported to Victorian Police and ASIC. ASIC said in a statement it started the banning process following Lake's guilty plea.

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