An investigation by the Australian Securities and Investments Commission (ASIC) has led to the conviction of a former NSW-based mortgage broker.
Daniel Nguyen of Panania pleaded guilty to 10 offences he committed in September 2012, including providing false information and documents to banks to secure approval for home loans totaling more than $3 million over a five-period.
The convictions are the first under the new national credit protection legislation.
Nguyen attempted to secure loans in the range of $112,000 to $536,900, with the average being $350,000, according to the regulator.
In announcing the conviction, the Sydney District Court imposed a two-year good behaviour bond on Nguyen.
The court took into account Nguyen's cooperation with ASIC's investigation, his good character and his remorse for acting dishonestly in this case.
ASIC Commissioner Peter Kell said brokers needed to familiarise themselves with the National Credit Act.
"They should know the law, read our guidance and seek additional or external advice if they feel they need it," Kell said.
