Finance broker cops permanent ban
A Victorian finance broker has been permanently banned from engaging in credit activities after she was convicted of fraud offences.
Kristy Ann Lake, the former director and secretary of Clearwater Financial Systems, received the Australian Securities and Investments Commission (ASIC) ban after pleading guilty in March this year to two charges of obtaining property by deception.
The case was heard in the Melbourne Magistrates Court in March this year, and Kew was found to be have acted in breach of section 81 of the Crimes Act 1958 (Vic).
In May and July 2008, Lake submitted loan applications to two financial institutions, falsely using another person’s name. Each application was successful, and Lake managed to obtain a loan of $12,655 on the first occasion and $13,149 on the second.
The frauds were uncovered in late 2010 when loan providers contacted the person whose name was falsely used, after Lake had stopped making repayments. The matter was reported to Victoria Police and ASIC.
Following Lake’s guilty plea in March this year, ASIC started the process to bar her from taking out any future loans.
Lake has the right to contact the Administrative Appeals Tribunal to request a review of ASIC’s decision.
Recommended for you
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.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
