SA broker pleads guilty to giving false information
A South Australian (SA) mortgage broker has pleaded guilty at Adelaide Magistrates Court to five charges of giving false or misleading information to Westpac to secure home loan applications worth more than $500,000.
An investigation by the Australian Securities and Investments Commission (ASIC) found that between October 2011 and February 2012, Daniel Duy Anh Nguyen provided the information relating to a sale contract and rental appraisal letters for the home loan on behalf of five of his clients.
Nguyen operated a finance broking business and was the sole director of Ausfin Solutions Pty Ltd at Woodville North in SA, which traded as Arndale Finance.
He is facing a two-year imprisonment and/or a fine of $11,000.
The case was brought to ASIC's attention by Westpac. Last month ASIC banned Nguyen from engaging in credit activity or providing financial services for four years. It also cancelled Ausfin's Australian credit licence.
Nguyen will appear in court on 8 November for sentencing.
Recommended for you
High-net-worth clients with between $5-10 million are found to have the greatest unmet advice needs, according to LGT Crestone, with inheritance planning viewed as the most-sought after help.
The advice industry is in an “arms race” according to minister for financial services, Daniel Mulino, around the use of technology in superannuation switching scams such as Shield Master Fund.
Advisers are now serving more ongoing clients, according to a CFS report, but efficiency limitations continue to hinder the 82 per cent looking to serve more.
The FAAA is hopeful the education and experience pathway deadline will be the “last big thing” that could cause an adviser exodus but concern now turns to advisers moving to the wholesale space.
