A Queensland broker who was found guilty of submitting false documents to support mortgage applications has had her sentence reduced.
The Australian Securities & Investments Commission (ASIC) announced today that the director of Diamond Lady Group, Jianyong Mao, has had her permanent ban from broking reduced to 10 years.
Her ban is set to end on 22 October 2025, as per an agreement reached between ASIC and Ms Mao, and approved by the Administrative Appeals Tribunal (AAT) on 12 July 2017.
Ms Mao faced a permanent ban from engaging in credit activities and providing financial services after an investigation conducted by ASIC in November 2015 found that she had created and submitted fraudulent documents for her clients’ home loans applications.
At the time, ASIC found Ms Mao to be “not of good fame or character” and “unsuitable” to provide financial services.
Peter Kell, ASIC deputy chair said: “The integrity of the home loan industry relies upon participants who are honest. ASIC will ban people who deliberately engage in fraudulent conduct.”
Following the initial verdict, Ms Mao applied to the AAT for a review and stay of ASIC’s decision on 30 November 2015; however it was refused on 11 January 2016.
[Related: Loan writer permanently banned]