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Mortgage broker banned for six years Featured

Mortgage broker banned for six years

Andrew Tsanadis   Money Management   11 October, 2012

A Sydney-based mortgage broker has been banned from providing financial services for six years after the Australian Securities and Investments Commission (ASIC) found that he had engaged in false and misleading conduct.

Between 2005 and 2008, Athol Halvorson acted as a broker while employed at Sydney Mortgage Market.

In that time, the regulator found that he had submitted nine loan applications to either Perpetual Limited or to St George bank which contained false information about the income and employment of the borrowers.

In one instance, Halvorsen had replaced a loan application that had been filled out by the borrowers with another loan application. The replacement loan was then submitted to St George and included two pages of the form completed and signed by the borrowers.

According to one of the replacement loan applications, one of the borrowers was earning $90,000 per year when she was, in fact, unemployed and had no income.

Along with banning Halvorsen from engaging in credit activities, ASIC also cancelled the Australian credit licence held by Property and Gearing.Com, which changed its name from Australian Finance Club Pty Ltd on 30 August 2012.

"While Halvorsen is not a director of Property and Gearing.Com, ASIC has found that he acts as its senior manager and is largely responsible for the administration of its licence," ASIC stated.

His financial services banning also took into account that he had been promoting Australian Finance Club as a financial services provider on its website without also stating that it did not hold an Australian financial services licence.

Halvorsen and Property and Gearing.Com Pty Ltd have a right to a review of ASIC's decisions by the Administrative Appeals Tribunal.

Last modified onFriday, 31 May 2013 05:13

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