Mortgage broker banned from credit activities
The Australian Securities and Investments Commission (ASIC) has banned former Sydney mortgage broker and real estate agent Hyuk Hwang from engaging in credit activities for three years.
It comes after an investigation found he was involved in submitting false documents and a loan application to Westpac in July 2012 to secure a $250,000 loan.
Hwang let another person access his online broker system and allowed the person to submit the loan application and supporting false documents.
He included a letter of employment from another business he owned which falsely stated the borrower was employed by and received an income from that business.
"ASIC has taken action against eight credit providers in the last three months. This includes two convictions, three permanent bannings and three bannings totalling 11 years," ASIC Deputy Chairman Peter Kell said.
"This number is unacceptably high. ASIC will not hesitate to take action where we encounter deliberate breaches, serious misconduct or significant risk of consumer detriment."
ASIC took national responsibility for credit in 2010.
Hwang was the sole director and secretary of JH Global (trading as VIP Home Loan) in Sydney. He and the company were authorised to carry out credit activity under the licence of a national mortgage aggregator.
Hwang has the right to have ASIC's decision reviewed by the Administrative Appeals Tribunal.
AUTHOR
Malavika Santhebennur
Recommended for you
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
