ASIC has permanently banned a Sydney finance broker from engaging in credit activities and providing financial services.
The corporate watchdog today announced that Ms Giulia Penna, of Five Dock, New South Wales was banned following an investigation into her conduct as an agent of an Australia credit licensee.
ASIC found that Ms Penna knowingly submitted false documents for a number of clients who were seeking motor vehicle finance. Ms Penna had a history of conviction for fraud and this was also the basis of her banning.
The Sydney broker has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Ms Penna was convicted in July 2010, in the Local Court of New South Wales at Burwood, on various fraud offences relating to making false statements to obtain money.
"Between June 2012 and September 2012, Ms Penna, trading as CFG Financial Services, provided assistance to consumers to obtain motor vehicle finance and financial services relating to vehicle and equipment warranties," an ASIC statement said.
Since becoming the national regulator of consumer credit in July 2010, ASIC has banned 77 individuals or companies from providing credit services (including 43 permanent bans). ASIC has also brought criminal prosecutions against 13 credit service providers.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
The broker association has voiced “serious concerns” of split...
The newly expanded group is setting its sights on technology, inc...
The aggregator is the first to add Islamic financial products an...