A Victorian finance broker has been permanently banned from engaging in credit activities after she was convicted of fraud offences.
Kristy Ann Lake, the former director and secretary of Clearwater Financial Systems, received the Australian Securities and Investments Commission (ASIC) ban after pleading guilty in March this year to two charges of obtaining property by deception.
The case was heard in the Melbourne Magistrates Court in March this year, and Kew was found to be have acted in breach of section 81 of the Crimes Act 1958 (Vic).
In May and July 2008, Lake submitted loan applications to two financial institutions, falsely using another person’s name. Each application was successful, and Lake managed to obtain a loan of $12,655 on the first occasion and $13,149 on the second.
The frauds were uncovered in late 2010 when loan providers contacted the person whose name was falsely used, after Lake had stopped making repayments. The matter was reported to Victoria Police and ASIC.
Following Lake’s guilty plea in March this year, ASIC started the process to bar her from taking out any future loans.
Lake has the right to contact the Administrative Appeals Tribunal to request a review of ASIC’s decision.