Nail beauty salon misinformation leads to ASIC ban on home loan broker

Nail beauty salon misinformation leads to ASIC ban on home loan broker
Nail beauty salon misinformation leads to ASIC ban on home loan broker

ASIC has permanently banned former credit representative Tony Nguyen from the credit industry following an investigation.

Mr Nguyen, of Bankstown, New South Wales, is banned from engaging in credit activities due to ASIC finding him "not a fit and proper person to engage in credit activities". His conduct involved multiple breaches of the credit legislation and was considered serious, repeated, and dishonest.

About September 2013 and February 2014, ASIC investigations found Mr Nguyen gave eight loan applications and 30 supporting documents to a lender which contained false information about the clients' income and employment. Among the false supporting documents were:

1.   13 payslips and 5 PAYG payment summaries stating that his clients worked for companies they had never worked for;

2.   2 payslips stating that the client earned a gross annual salary of $79,706 as a warehouse assistant when in fact he earned about $38,000 gross per year; and

3.   a notice of assessment, an income tax return and an income tax return estimate stating the client earned a taxable income of $273,998 from a nail beauty salon in Fairfield West when in fact the client earned about $50,000 and owned a nail beauty salon in Gosford.

ASIC found Mr Nguyen was acting as an unauthorised mortgage broker, providing credit assistance when he was not authorised to do so by an Australian credit licensee. 

Tags: 
Asic credit

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