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Finance broker pleads guilty to making false statements

by Malavika Santhebennur4 minute read
Finance broker pleads guilty to making false statements

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

Sydney-based mortgage broker Zhuo Wang has pleaded guilty to one count of knowingly making false statements in three credit licence annual compliance certificates lodged with the Australian Securities and Investments Commission (ASIC).

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

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


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

Mr Wang had his lender accreditation with ANZ suspended in April 2016. Between 2 May 2016 and 2 May 2018, Mr Wang completed and submitted three credit licence annual compliance certificates to ASIC.

Mr Wang has admitted that on each occasion, he falsely certified that he, as the sole fit and proper person of his credit licence, had not had his accreditation cancelled or suspended by a lender for reasons other than volume.

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

The matter is listed for sentence at the Downing Centre Local Court on 10 November 2020.

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

[Related: NSW mortgage broker banned]

Finance broker pleads guilty to making false statements
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Malavika Santhebennur

Malavika Santhebennur


Malavika Santhebennur is a content specialist at Momentum Media, focusing on mortgages and finance writing.


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