Powered by MOMENTUM MEDIA
the adviser logo
Broker

ASIC bans Sydney broker

by James Mitchell2 minute read

ASIC has permanently banned a Sydney finance broker from engaging in credit activities and providing financial services.

The corporate watchdog today announced that Ms Giulia Penna, of Five Dock, New South Wales was banned following an investigation into her conduct as an agent of an Australia credit licensee.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

ASIC found that Ms Penna knowingly submitted false documents for a number of clients who were seeking motor vehicle finance. Ms Penna had a history of conviction for fraud and this was also the basis of her banning.

The Sydney broker has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Ms Penna was convicted in July 2010, in the Local Court of New South Wales at Burwood, on various fraud offences relating to making false statements to obtain money.

"Between June 2012 and September 2012, Ms Penna, trading as CFG Financial Services, provided assistance to consumers to obtain motor vehicle finance and financial services relating to vehicle and equipment warranties," an ASIC statement said.

Since becoming the national regulator of consumer credit in July 2010, ASIC has banned 77 individuals or companies from providing credit services (including 43 permanent bans). ASIC has also brought criminal prosecutions against 13 credit service providers.

ASIC bans Sydney broker
banned  x
TheAdviser logo
banned  x

James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

mark lewis fast ta llosc4

In Memoriam: Mark Lewis, 1963–2022

Mark Lewis passed away on Saturday (13 August). Mr Lewis was a well-known identity in the third-party broker...

READ MORE
anthony waldron mortgage choice ta ithtxm

Broker expertise key for securing right loan: Mortgage Choice

The data, which is derived from a June survey of 1,002 broker customers and conducted by Honeycomb Strategy,...

READ MORE
Mark Bouris new ifa

Brokers need to focus on the ‘value-add’: Mark Bouris

With competition among brokers increasing as the number of brokers rises – coupled with the fact that fewer...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more