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.
AUTHOR
Staff Writer
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
WIth only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
