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.

Related News:

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.

Related Content

FSC welcomes new laws to protect consumers

The Financial Services Council (FSC) has welcomed the passage of new legislation, the Design and Distribution Obligation (DDOs) and Product Interventi...Read more

Foster Stockbroking director banned

The Australian Securities and Investments Commission (ASIC) has banned director of Foster Stockbroking (FSB), Mark Joseph Hinsley, from providing fina...Read more

ASIC imposes additional licence conditions on AMP Financial Planning

The Australian Securities and Investments Commission (ASIC) has imposed additional licence conditions on biggest financial planning group, AMP Financi...Read more



Add new comment