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.

Broker charged for falsifying ACL statement

handcuffs ta

handcuffs ta
Malavika Santhebennur 1 minute read

A NSW mortgage broker has been changed with making a false statement in a credit licence annual compliance certificate lodged with ASIC.

Henan Gao, the director of former Australian Credit Licence (ACL) holder and mortgage brokerage Shinning Crown International Pty Ltd (SCI), has been charged with one count of knowingly making a false statement in a credit licence annual compliance certificate lodged with the Australian Securities and Investments Commission (ASIC).

Mr Gao entered a plea of not guilty to the charge on 13 October.

Background to the case

Mr Gao was the sole fit and proper person and responsible manager of SCI’S credit licence. SCI held an ACL and operated a mortgage brokerage business in Sydney.

ASIC has alleged that after Mr Gao’s accreditation with ANZ was suspended on 1 April 2016, Mr Gao, on behalf of SCI, completed and submitted a credit licence annual compliance certificate to ASIC, in which he certified that none of SCI’s fit and proper people had accreditation cancelled or suspended by a lender.

The alleged offence, which occurred on 15 May 2017, is contrary to section 225(3) of the NCCP Act.

SCI’s ACL was cancelled by ASIC in November 2018 under section 54 of the National Consumer Credit Protection Act 2009 (NCCP Act).

Advertisement
Advertisement

 

The Commonwealth Director of Public Prosecutions is prosecuting the matter after a referral from ASIC.

 

The matter has been adjourned to 11 and 12 March 2021 before the Downing Centre Local Court hearing.

[Related: Former BDM banned for falsifying loan documents]

PROMOTED CONTENT


Broker charged for falsifying ACL statement
handcuffs ta
TheAdviser logo
handcuffs ta
Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

 

more from the adviser
asic mb 2 f610 ASIC deputy chair Crennan resigns

ASIC’s deputy chair Daniel Crennan QC has resigned from his rol...

RAMS A RAM RAMS to move to ‘simplified’ business model

The Westpac-owned brand will officially become a single-brand mor...

Housing construction WA extends home building grant construction deadline

The WA government has extended the deadline for when construction...

FROM THE WEB