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Broker sentenced to good behaviour bond

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Malavika Santhebennur 1 minute read

An NSW mortgage broker who recently pleaded guilty to knowingly making false statements in relation to his ACL compliance certificates has been sentenced.

Zhuo Wang has been sentenced in the NSW Local Court to an 18-month good behaviour bond for knowingly making false statements in three credit licence annual compliance certificates lodged with the corporate regulator.

ACL holders are required to identify the people involved in the management of their credit businesses, known as fit and proper people.


Mr Wang held an Australian Credit Licence (ACL) and operated a mortgage brokerage in Gladesville, Sydney, where he was the sole fit and proper person and responsible manager of his credit licence.

According to the Australian Securities and Investments Commission (ASIC), Mr Wang had his lender accreditation with ANZ suspended in April 2016.

ACL holders are also required to annually lodge a credit licence compliance certificate with ASIC, in which licensees are required to certify that they are complying with their credit licence obligations.

Between 2 May 2016 and 2 May 2018, Mr Wang completed and submitted three credit licence annual compliance certificates to ASIC.


He falsely certified in these certificates that he, as the sole fit and proper person of his credit licence, had not had his accreditation cancelled or suspended by a lender.

The offending is contrary to section 225(3) of the National Consumer Credit Protection Act 2009.

Mr Wang pleaded guilty to one count of breaching the act on 13 October. A conviction has not been recorded.

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

[Related: Former broker pleads guilty to loan fraud]

Broker sentenced to good behaviour bond
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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.


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