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Former mortgage broker charged

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James Mitchell 1 minute read

A former Queensland-based broker has been charged for giving misleading information to lenders. 

Ms Jianyong (Jenny) Mao, of South Brisbane, Queensland, has appeared in the Brisbane Magistrates' Court on a charge brought by ASIC of giving documents to a lender that were materially misleading.

ASIC alleges that in May 2011, Ms Mao caused documents, including bank statements and application forms which were materially misleading, to be given to a lender in support of a home loan application. ASIC alleges that the loan was subsequently granted on the basis of these documents.

At a hearing on July 18, 2016, the matter was adjourned to September 5, 2016.

The Commonwealth Director of Public Prosecutions (CDPP) is prosecuting the matter.

Ms Mao operated a home loan broking company, Diamond Lady Group Pty Ltd, which held an Australian credit licence from 2010 until 2014.

Ms Mao was charged by ASIC under section 33(2) of the National Consumer Credit Protection Act 2009 in relation to her conduct while she was engaging in credit activity. Section 33(2) (the predecessor to s160D) makes it an offence for a person engaging in credit activities to give false or misleading information or documents to another person.

Former mortgage broker charged
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James Mitchell

James Mitchell

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.

 

 

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