ASIC shuts down broker and auditor
The Australian Securities and Investments Commission (ASIC) has banned a South Australian finance broker and a Victorian auditor after they failed compliance checks with the regulator.
Finance broker Alexander Dryden of West Croydon, South Australia was banned from engaging in credit activities and had his Australian credit licence suspended for six months after failing to lodge an annual compliance certificate within 45 days after the licensing anniversary of his Australian credit licence.
ASIC stated that Dryden, who had been trading as Gryphon Financial, also threatened to lodge a caveat to induce a consumer to pay an amount to him for his credit assistance with the regulator, claiming these were contraventions of the National Consumer Credit Protection Act 2009.
ASIC also accepted an enforceable undertaking (EU) from Wangarrata-based auditor Anthony Hyndman in which he requested the regulator to cancel his registration as an auditor and undertook that he would never reapply for registration or perform any duties or functions of an auditor.
The EU is the result of an ASIC investigation which focused on Hyndman's audits for the 2011-12 financial year for three unlisted companies operating in Victoria, after which ASIC found that Hyndman did not conduct the audits in accordance with the Australian Auditing Standards.
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