False accountant letters and loan documents sees ASIC dole out five year ban

False accountant letters and loan documents sees ASIC dole out five year ban
False accountant letters and loan documents sees ASIC dole out five year ban

Andrew Douglas McClure from Cheltehnham, Victoria, has received a five year ban after submitting falsified documents, including false accountant’s letters, as supporting evidence for home loan applications.

An ASIC investigation discovered that in 2010, McClure was referred applications from Money Choice Pty Ltd, which he processed. Money Choice’s credit licence was banned in 2013, as well as director Matthew George given an eight year ban for home loan related misconduct.

However, McClure was found by ASIC to have submitted false letters and unverified documentation in support of three loans that Money Choice referred to him. He had been a credit representative at RAMS Financial Group Pty Ltd from 1 July 2010 to 8 August 2011.

McClure admitted to creating and then submitting the false letters in relation to non-Money Choice customers as well, on four home loans in 2010 and early-2011, actions which deputy chairman Peter Kell said puts consumers in financial difficulty should they find they cannot afford them in the long run.

“We will act to ensure those who engage in this conduct are removed from the industry,” said Kell.

McClure does have right of appeal.

ASIC has been active in assisting in the conviction and banning of mortgage brokers who fraudulently submit loan documents, including a case in December of Dural, New South Wales broker Hee Seng Lee, who secured $7.5 million of loans using falsified documents.

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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Victoria Asic

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