Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Reduced sentence for loan fraud broker

handcuffs

handcuffs
Lucy Dean 1 minute read

A Queensland broker who was found guilty of submitting false documents to support mortgage applications has had her sentence reduced.

The Australian Securities & Investments Commission (ASIC) announced today that the director of Diamond Lady Group, Jianyong Mao, has had her permanent ban from broking reduced to 10 years.

Her ban is set to end on 22 October 2025, as per an agreement reached between ASIC and Ms Mao, and approved by the Administrative Appeals Tribunal (AAT) on 12 July 2017.

Ms Mao faced a permanent ban from engaging in credit activities and providing financial services after an investigation conducted by ASIC in November 2015 found that she had created and submitted fraudulent documents for her clients’ home loans applications.

At the time, ASIC found Ms Mao to be “not of good fame or character” and “unsuitable” to provide financial services.

Peter Kell, ASIC deputy chair said: “The integrity of the home loan industry relies upon participants who are honest. ASIC will ban people who deliberately engage in fraudulent conduct.”

Following the initial verdict, Ms Mao applied to the AAT for a review and stay of ASIC’s decision on 30 November 2015; however it was refused on 11 January 2016.

[Related: Loan writer permanently banned]

Advertisement
Advertisement

PROMOTED FEATURES


Reduced sentence for loan fraud broker
handcuffs
TheAdviser logo
handcuffs

 

more from the adviser
house coins ta Aussie reports record spike in pre-approvals

The major brokerage has reported a record increase in home loan p...

Money jar Facebook launches SME grants program

The social media giant has commenced processing applications for ...

uptick Aggregator reports surge in settlements

Purple Circle Financial Services has reported a record increase i...

FROM THE WEB