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Mortgage boss cops six-year ban

James Mitchell 2 minute read

ASIC has banned a former company director from providing financial services for a period of six years following an investigation.

In a statement yesterday the corporate regulator said that Mr Anthony John Downey, of Brighton, Victoria was, until 3 June 2015, a director of Platinum Mortgage Securities Limited. ASIC found that Mr Downey engaged in misleading conduct by providing false documents to support an application for an Australian visa, knowing that the documents would be provided to an Australian government department.

The regulator found that the relevant documents prepared by Mr Downey falsely represented that the visa applicant had made a qualifying investment with Platinum Mortgage Securities Limited.

"ASIC expects directors and officers of financial services licensees to act with integrity when performing their role and, when they fail to do so, we will act to remove them from the industry," ASIC commissioner Greg Tanzer said.

The matter was reported to ASIC by Platinum Mortgage Securities Limited. Mr Downey has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

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Mortgage boss cops six-year ban
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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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