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Convicted loan writer permanently banned

banned    banned
Staff reporter 4 minute read

ASIC has permanently banned a convicted loan writer from engaging in credit activities.

According to the corporate watchdog, Daniel Kenneth Wilson wrote and submitted loans for customers buying vehicles from Combined Motor Traders, a Cranbourne used-car dealership, between 2013 and 2014.

ASIC found that five of the loans submitted by Mr Wilson and approved by Esanda, a division of ANZ, contained false information relating to income verification and employment status.

In banning Mr Wilson, ASIC also took into consideration Mr Wilson's adverse criminal record, which included convictions for theft and possessing counterfeit money.


“ASIC will not hesitate to remove those from the industry who think that submitting false information to lenders is an acceptable practice,” ASIC deputy chairman Peter Kell said.

“Lenders need to ensure they have proper procedures in place to supervise those submitting loan applications. If commissions are driving fraudulent applications, change needs to occur.”

ASIC's investigations in this matter are ongoing.

Mr Wilson has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.

Convicted loan writer permanently banned
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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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