Former mortgage broker pleads guilty to National Credit Act offences
In the first criminal charges brought under the National Consumer Protection Act, former mortgage broker Daniel Nguyen has pleaded guilty to 10 charges including providing false information to banks and assisting clients to apply for loans that were unsuitable for them.
Appearing before Sydney's Downing Centre Local Court, Nguyen, of Panania, pleaded guilty to nine offences against the National Credit Act for proving false documents in relation to nine home loans totalling more than $3 million between 29 July 2010 and 7 January 2011.
He also admitted to one offence of assisting three clients to apply for credit contracts unsuited to their needs between 28 September 2010 and 7 January 2011.
As sole director and sole employee of Bankstown-based M.A.I. Pacific Pty Ltd at the time, Nguyen faces a maximum penalty of two years imprisonment, a fine of up to $11,000 or both, for each charge.
Nguyen will face sentencing at the District Court on 5 October 2012 and has been granted unconditional bail.
Under the National Credit Act, credit licensees must "make reasonable inquiries of the consumer about their requirements and objectives" before assisting in providing a new credit contract or lease.
The requirements also apply where the credit limit on an existing contract is being increased, ASIC stated.
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