Melbourne broker banned for fraud
The Australian Securities and Investments Commission (ASIC) has banned Anthony Bergin from engaging in credit activities for three years after he submitted applications with false information.
Bergin's company, Equity Financial Management in Melbourne (EFM), submitted seven home loan applications worth $3.2 million to a lender, including false pay-slips.
The company submitted the loan applications between September 2011 and February 2012.
Being the sole responsible manager, ASIC held that Bergin did not properly supervise and monitor EFM staff's activities and failed to properly understand EFM's obligations under the credit legislation.
ASIC said he was not a "fit and proper person to engage in credit activities".
"The role of a key person and responsible manager is central to the proper conduct of a credit business," ASIC deputy chairman Peter Kell said.
"If you do not demonstrate the highest standards of competence and diligence in this important role you will be banned from the credit industry."
EFM's Australian credit licence has been suspended until 16 June, 2014.
Bergin and EFM have the right of appeal to the Administrative Appeals Tribunal for a review of the decision.
ASIC has also banned Sydney mortgage broker Hyuk Hwang from engaging in credit activities, along with six other people.
AUTHOR
Malavika Santhebennur
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
