ASIC bans Diamond Lady Group Queensland mortgage broker

ASIC bans Diamond Lady Group Queensland mortgage broker
ASIC bans Diamond Lady Group Queensland mortgage broker

ASIC has permanently banned a Queensland mortgage broker Jiangyong (Jenny) Mao from engaging in credit activities and providing financial services after an investigation found she created and submitted false documents in support of home loan applications for her clients.

ASIC said Mao "is not a fit and proper person" to engage in credit activities, and determined she was "not of good fame or character".

"The integrity of the home loan industry relies upon participants who are honest. ASIC will ban people who deliberately engage in fraudulent conduct," ASIC deputy chair Peter Kell said.

Mao has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.

Ms Mao, of South Brisbane, Queensland operated a home loan broking company, Diamond Lady Group Pty Ltd (Diamond Lady Group) which held an Australian credit licence from 2010 until 2014. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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