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Compliance

ASIC permanently bans former lending officer

by Reporter1 minute read

ASIC has banned a former lending officer of a boutique aggregator from engaging in any credit activities following an investigation and subsequent administrative hearing.

Bassam Fares, a former lending officer at Firstfolio Services admitted to creating false income verification documents and false letters of employment in support of six mortgage loan applications seeking loans totalling over $3 million during from December 2013 to March 2014.

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Among the false statements were six PAYG payment summaries which contained false information as to employment or income earned, 11 payslips, which had not been issued by the purported employer, containing false ABNs or incorrect compulsory superannuation amounts, and three reference letters from purported employers.

The prudential regulator found that Mr Fares was not a fit and proper person to engage in credit activities.

ASIC commissioner Greg Tanzer said it is imperative “that consumers and other participants in the credit industry can rely on the honesty and integrity of persons who engage in credit activities”.

ASIC permanently bans former lending officer
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