ASIC announced today that it has banned a Melbourne mortgage broker for loan fraud.
The regulator said Shilpa Karandikar was banned from engaging in credit activities for four years after “she submitted false documents to secure a home loan worth $243,000”.
“ASIC’s investigation found that Ms Karandikar submitted a $243,000 home loan application on behalf of a client in July 2012 that contained false payslips, false employment documents and a false bank statement,” it said.
“The home loan application also contained false information to make the financial position of her client look more favourable than it actually was.”
According to ASIC, Ms Karandikar knew or should have known the documents and information contained in the loan application were false or misleading.
The ASIC investigation also found that she had been “involved in business practices that were not thorough, and which appeared fraudulent, misleading or otherwise improper”.
Deputy chairman Peter Kell said ASIC would ban brokers who failed to meet ethical standards.
“Brokers who arrange home loans on behalf of the public must act with honesty, integrity and in the customer’s best interest at all times,” he said.
Ms Karandikar, a former director of Kaar Creations, was an authorised credit representative from April 2011 to September 2012.
Mark Hewitt, general manager, industry and partnership development at Australian Finance Group (AFG) will commence as...
Following its launch of an early commission payment product to brokers using the effi platform, cash-flow solutions...
According to Grow Finance (Grow), David Keeling’s appointment, which commenced on 11 April, is part of a broader...
Most Talked About
Major bank CEO backs fees-for-service model
by Charbel KadibShadow treasurer says government has ‘got it wrong’ on trail
by Annie KaneOpen letter to CBA CEO Matt Comyn
by ReporterTreasury: Trail to be banned next year
by Annie KaneRemove trail, says final Productivity Commission report
by Reporter