ASIC has slapped a credit ban on a former Westpac employee who submitted fraudulent loan applications.
The regulator announced today that it had permanently banned David St Pierre, a former Westpac home finance manger, from engaging in credit activities and providing financial services.
ASIC found that Mr St Pierre “submitted loan applications to Westpac for approval when he knew that they contained false information and that they were supported by false documents”.
“The 12 customers to whom the loan applications related were elderly or vulnerable and with limited financial means, yet in spite of this Mr St Pierre encouraged them to borrow against their homes, some of which were unencumbered, to invest in the scheme which promised returns of 15–25% per annum to investors,” ASIC said.
The activities occurred between July 2008 and June 2010.
Commissioner Peter Kell said Mr St Pierre’s misconduct was very serious.
“ASIC will ban people from the finance industry who act dishonestly and place personal interests ahead of those they service. Mr St Pierre's actions exposed vulnerable members of the community to severe financial loss and hardship,” he said.
Mr St Pierre worked at Westpac from 2000 to 2011.
ASIC said it has been working with Westpac to ensure that affected customers are compensated.