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ASIC removes mortgage broker from industry

ASIC removes mortgage broker from industry

Adam Sanders   Bank Victims  21 August 2013

Edward Richard George, from Mudgee, has been permanently banned from providing financial services and engaging in credit activities after ASIC found him to be not fit and proper or of good character.


ASIC has permanently banned a former mortgage broker and financial services representative after he engaged in dishonest conduct.

An ASIC investigation looked into Mr George’s conduct when he was a broker operating under the name Quest Home Loans.

ASIC found that on two occasions between March and July 2011 Mr George falsified and submitted eight documents for four deposit guarantees and one home loan. The applications were for himself and four clients. The false documents included loan approval letters, employment letters and payslips.

‘Mr George’s dishonest conduct is incompatible with the honesty, integrity, diligence and judgment that is required of those in the industry,’ ASIC Deputy Chairman Peter Kell said.

Mr George has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.


Background

A deposit guarantee (also known as a deposit bond), is a substitute for a cash deposit in purchasing a house.

ASIC’s crackdown on brokers submitting fraudulent loan applications and similar behaviour has seen individuals criminally charged or banned. These include:

Hee Seng Lee (refer: 13-200MR)

Moustafa Dandachli (refer: 13-145MR)

Daniel Nguyen (refer: 13-008MR)

Eric Ying Ching Chu (refer: 13-179MR)

Last modified onWednesday, 21 August 2013 08:26

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