The Administrative Appeals Tribunal (AAT) has upheld ASIC's decision to permanently ban Rudy Noel Frugtniet, a former Victorian finance broker, from engaging in credit activities.
In supporting ASIC's decision, the AAT found that a permanent banning order of Mr Frugtniet was appropriate due to his "dishonest conduct over a prolonged period; his failure to show any real awareness of the nature, extent and significance of that conduct; and a demonstrated disregard for compliance with regulatory requirements".
ASIC banned Mr Frugtniet, a former director of Unique Mortgage Services, in July 2014 after it was found he provided misleading information and a lack of full disclosure on a credit licence application.
Mr Frugtniet filed an application with the AAT for a review of ASIC's decision on 25 July 2014. He also made an application for a stay of the banning, which was refused by the AAT on 22 August 2014.
Mr Frugtniet represented himself at the AAT hearing, which was held on 29 and 30 January 2015.
The AAT upheld ASIC's decision to ban Mr Frugtniet on 6 March 2015, agreeing that he is not a fit and proper person to engage in credit activities.
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