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
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
