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Australian corporate regulator bans mortgage brokers over fraudulent deals

English.news.cn   2014-01-23 11:33:08

SYDNEY, Jan. 23 (Xinhua) -- The Australian Securities and Investments Commission (ASIC) has banned two mortgage brokers from engaging in credit activities after they were found to have submitted fraudulent loan applications, the corporate regulator said on Thursday.

ASIC's investigation found that former Sydney mortgage broker and real estate agent Hyuk Hwang had been involved in the submission of false document to secure a loan worth 250,000 AU dollars (220,000 U.S. dollars).

In July 2012, Hwang included a letter of employment submitted to Westpac from his another business that falsely represented the borrower was employed by, and received an income from that business.

He has been banned from credit practice for three years by the corporate watchdog.

Meanwhile, Melbourne mortgage broker Anthony Bergin has also been banned from engaging in credit activities for three years by the regulator.

Bergin's company was found to have submitted seven home loan applications worth 3.2 million AU dollars to a lender that contained false or misleading information, including false payslips, ASIC said.

Eight individuals have now been convicted or banned for providing false information in home loan applications since November as part of ASIC's campaign.

ASIC Deputy Chairman Peter Kell said the regulator is working on another 15 cases at the moment. "ASIC has taken action against eight credit providers in the last three months," he said in a statement on Thursday.

"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."

Editor: Shen Qing
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