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
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