SA broker pleads guilty to giving false information
A South Australian (SA) mortgage broker has pleaded guilty at Adelaide Magistrates Court to five charges of giving false or misleading information to Westpac to secure home loan applications worth more than $500,000.
An investigation by the Australian Securities and Investments Commission (ASIC) found that between October 2011 and February 2012, Daniel Duy Anh Nguyen provided the information relating to a sale contract and rental appraisal letters for the home loan on behalf of five of his clients.
Nguyen operated a finance broking business and was the sole director of Ausfin Solutions Pty Ltd at Woodville North in SA, which traded as Arndale Finance.
He is facing a two-year imprisonment and/or a fine of $11,000.
The case was brought to ASIC's attention by Westpac. Last month ASIC banned Nguyen from engaging in credit activity or providing financial services for four years. It also cancelled Ausfin's Australian credit licence.
Nguyen will appear in court on 8 November for sentencing.
AUTHOR
Industry Expert
Recommended for you
Financial services lawyers believe the government may have good intentions, but the proposed legislation leaves superannuation trustees targeting an unachievable “standard of perfection” when it comes to advice deductions.
Advisers could find themselves unable to receive the fair market price of their advice as the Delivering Better Financial Outcomes legislation states superannuation trustees can reject deductions that are not charged on a cost basis.
Two advice professionals have shared five key takeaways as to how advisers can strengthen their communication with clients, especially at review time, in order to build deeper relationships.
The Financial Services Council has launched the Digital Advice Expert Group to support policy development around digital advice adoption and ensure greater accessibility for Australians.
