ASIC convicts former mortgage broker
An investigation by the Australian Securities and Investments Commission (ASIC) has led to the conviction of a former NSW-based mortgage broker.
Daniel Nguyen of Panania pleaded guilty to 10 offences he committed in September 2012, including providing false information and documents to banks to secure approval for home loans totaling more than $3 million over a five-period.
The convictions are the first under the new national credit protection legislation.
Nguyen attempted to secure loans in the range of $112,000 to $536,900, with the average being $350,000, according to the regulator.
In announcing the conviction, the Sydney District Court imposed a two-year good behaviour bond on Nguyen.
The court took into account Nguyen's cooperation with ASIC's investigation, his good character and his remorse for acting dishonestly in this case.
ASIC Commissioner Peter Kell said brokers needed to familiarise themselves with the National Credit Act.
"They should know the law, read our guidance and seek additional or external advice if they feel they need it," Kell said.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
