SA broker pleads guilty to giving false information
A South Australian (SA) mortgage broker has pleaded guilty at Adelaide Magistrates Court to five charges of giving false or misleading information to Westpac to secure home loan applications worth more than $500,000.
An investigation by the Australian Securities and Investments Commission (ASIC) found that between October 2011 and February 2012, Daniel Duy Anh Nguyen provided the information relating to a sale contract and rental appraisal letters for the home loan on behalf of five of his clients.
Nguyen operated a finance broking business and was the sole director of Ausfin Solutions Pty Ltd at Woodville North in SA, which traded as Arndale Finance.
He is facing a two-year imprisonment and/or a fine of $11,000.
The case was brought to ASIC's attention by Westpac. Last month ASIC banned Nguyen from engaging in credit activity or providing financial services for four years. It also cancelled Ausfin's Australian credit licence.
Nguyen will appear in court on 8 November for sentencing.
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.
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.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
