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Broker convicted, fined $9,000

by reporter7 minute read
Broker convicted, fined $9,000

A finance broker has been convicted of three counts of making false statements to ASIC, and fined $9,000.

Rhodes-based mortgage broker and director of Wealth Investment Milestone Pty Ltd (WIM) and Aus Mortgage Pty Ltd (AUS), Guodong Liu, was convicted in the Downing Centre Local Court of three counts of knowingly making a false statement in documents lodged with ASIC.

According to ASIC, Mr Liu had his lender accreditation with ANZ suspended in April 2016.

However, in November 2016, he then completed and lodged with ASIC an Australian Credit Licence (ACL) application on behalf of AUS (where he was director and the ‘nominated fit and proper person’ for the ACL) in which he falsely stated that none of AUS’s nominated fit and proper people had their accreditation cancelled or suspended by a lender. 

ASIC further alleged that in January 2017 and December 2017, Mr Liu completed and submitted two credit licence annual compliance certificates to ASIC in which he falsely certified that none of WIM’s “fit and proper people” had accreditation cancelled or suspended by a lender.

Mr Liu was charged with knowingly making a false statement in the credit licence compliance certificates lodged with ASIC late last year, and has now been convicted.    

At the conviction hearing at Downing Centre Local Court, Mr Liu was fined $9,000 and ordered to attend the Ryde Police Station for fingerprints and photographs to be taken.

[Related: ASIC permanently bans broker, charges another]

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