Former WA finance broker banned for life
A former licensed finance broker from Western Australia has been permanently banned from providing financial services and engaging in credit activities.
The Australian Securities and Investments Commission (ASIC) banned Mark Booty, formerly of Rockingham, WA, following his conviction for defrauding seven clients of more than $1.1 million.
Booty was licensed as a finance broker by the WA Department of Commerce when the offences occurred between 2007 and 2009.
Following an investigation by the WA Police, a District Court of Western Australia jury found him guilty on eight counts of gaining a benefit by fraud.
Booty was sentenced to five-and-a-half years in prison with a non-parole period of three-and-a-half years.
He was the director of Prime Property Investment Perth Pty Ltd, a mortgage broking business based in Perth.
Through the business, Booty set up an investment scheme into which seven of his clients invested money over an 18-month period with money they had borrowed against their homes.
Booty misappropriated the funds for his own purposes in his business and for personal expenses. He became bankrupt in 2009 and the seven investors in the scheme lost their capital.
While ASIC commissioner Peter Kell acknowledged that Booty was now in prison, he said it was important to prevent him from working in the credit and finance industry in the future.
Booty has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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