ASIC bans former Victorian broker
The Australian Securities and Investments Commission (ASIC) has permanently banned former Victorian finance broker, Rudy Noel Frugtniet, from engaging in credit activities.
ASIC ruled that Frugtniet, a former director of Unique Mortgage Services Pty Ltd (UMS) was not a "fit and proper person to engage in credit activities".
The regulator's decision was based on Frugtniet's lack of full disclosure and misleading answers to questions on UMS' application for a credit licence, as well as Frugtniet's "adverse disciplinary history".
ASIC revealed that Frugtniet had previously been disciplined in relation to his:
- involvement in the breach of a company's travel agent's licence
- making of a false declaration to the Migration Agents Registration Authority
- two rejected applications to be admitted as a solicitor
- making of false statements on Newstart allowance application forms
- misrepresenting himself as a lawyer with standing to appear in court
- conveyancing licence being cancelled, and
- making of a false or misleading declaration to the Tax Practitioners Board.
ASIC found that Mr Frugtniet's conduct is incompatible with the good character, honesty, integrity and judgement required of a person permitted to engage in credit activities.
ASIC deputy chairman, Peter Kell, said, "Those who deliberately provide misleading information in their credit applications simply should not be in the industry.
"Where we come across instances like this, ASIC will act quickly to ensure they are removed from the industry."
ASIC's investigations in relation to this matter are ongoing.
AUTHOR
Nicholas O'Donoghue
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
