Mortgage broker sentenced following ASIC charges
A former ACT Mortgages (Tonadale Pty Ltd) mortgage broker has been sentenced following his guilty plea to the use of false accountant letters in an attempt to have low documentation (low doc) loans approved.
Kelvin Skeers of Queanbeyan, New South Wales, knowingly used false accountant letters to have low-doc loans approved by a lender for seven borrowers between December 2003 and September 2005, according to the Australian Securities and Investments Commission (ASIC).
Following an investigation into seven ASIC charges, Skeers was charged with one count under section 126(2) of the Crimes Act and six counts under section 347 of the Criminal Code.
Skeers was placed on a good behaviour bond for two years upon entering into a recognisance of $5,000, ASIC said.
He was also ordered by the ACT Supreme Court to perform 240 hours community service over the next 12 months.
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.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
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.
