ASIC permanently bans Victorian finance broker
The Australian Securities and Investments Commission (ASIC) has permanently banned Victorian finance broker Kieu Thi-Thanh Huynh from carrying out credit activities after she was convicted of fraud.
The former sole director at St Andrews Mortgage Solutions (SAMS) faces the ban after pleading guilty in the Supreme Court of Victoria for 27 charges of acquiring property through deception and one charge of attempting to obtain property by deception.
Huynh created false payslips that she then submitted to various credit providers to support loan applications on behalf of SAMS' clients.
The 27 successful loan applications that Huynh helped create resulted in her clients getting home loans worth $9,411,688.30, with Huynh getting $41,231.14 in up-front commissions and trailing commissions worth $14,510.85.
She also received cash payments of up to $10,000 from the receipts of the loan.
She was sentenced to four years imprisonment, and has to serve a minimum of two years before parole.
"As a further measure to protect the public from unscrupulous operators, Huynh is automatically banned from managing companies for five years as a result of her conviction for serious fraud offences," ASIC deputy chairman Peter Kell said.
SAMS was authorised to carry out credit activities as a credit representative for a number of Australian credit licensees between July 2010 and March 2013.
Recommended for you
While M&A has ramped up nationwide, three advice heads have explored Western Australia’s emergence as a region of interest among medium-sized firms vying for growth opportunities in an increasingly competitive market.
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
