Mortgage broker gets lifetime ban downgraded
A NSW mortgage broker who was permanently banned from the industry has had his sentence downgraded to three years after an appeal.
Edward Richard George, of Mudgee NSW, received a lifetime ban from the Australia Securities and Investments Commission (ASIC) for dishonest conduct last year for falsifying loan approval and deposit guarantee documents.
He falsified the documents for himself and four clients, according to ASIC, which deemed him not a fit and proper person to be engaging in credit activities.
However, the Administrative Appeals Tribunal (AAT) found the actions were “out of character” and revoked the lifetime ban in favour of a three-year suspension instead.
The AAT took into account the remorse George showed and various character references.
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