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
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
