ASIC has permanently banned a former credit representative from the industry after he breached credit legislation multiple times.
Tony Nguyen of Bankstown, NSW has been banned from engaging in credit activities on the basis that he has contravened and was likely to contravene the credit legislation, and was not a fit and proper person to engage in credit activities.
ASIC said Mr Nguyen’s conduct involved multiple breaches of the legislation and was considered serious, repeated and dishonest.
An investigation by the regulator found that between about September 2013 and February 2014, Mr Nguyen gave eight loan applications and 30 supporting documents to a lender which contained false information about the clients’ income and employment.
ASIC also found that Mr Nguyen was acting as an unauthorised mortgage broker because he provided credit assistance at a time when he was not authorised to do so by an Australian credit licensee.
“Mr Nguyen was a ‘referral partner’, and was engaged to refer or introduce clients to a lender but was not authorised to provide credit assistance by suggesting or assisting his clients to enter into particular loan products,” ASIC said.
The regulator also found that Mr Nguyen had held out to customers that he held an Australian credit licence when he arranged for six of his clients to sign introduction letters, and then gave those letters to a lender.
“Mr Nguyen has never held an Australian credit licence,” ASIC noted.
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