ASIC bans broker from credit

The Australian Securities and Investments Commission (ASIC) has banned mortgage broker, Michael Wilkins, from engaging in credit activities after he provided a bank with false or misleading information on behalf of his clients.

Announcing the banning, ASIC said Wilkins was a mortgage broker and helped clients to arrange finance to purchase properties. It found that on five occasions in June and July 2010, Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between about $130,000 and $179,000.

The ban was part of ASIC’s ongoing investigation into ‘The Heritage Group’, which advised clients to set up self-managed superannuation funds (SMSF) and buy property with their superannuation.

Wilkins may appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. 

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