Gold Coast mortgage broker given nine year ban

David James Cacciola has been banned by ASIC from engaging in credit activities for the next nine years. Cacciola, of the Gold Coast, Queensland, is sole director of Lending Services Australia Pty Ltd.

Following an ASIC investigation that cancelled the credit licence of the company on 14 April 2013, they found that he had been providing documents to lenders knowing, or reckless to, the false or misleading nature of the information and documents.

He was acting as a broker for the company.

In July 2011 to October 2011, he assisted his wife applying for two loans worth more than $600,000.

He has the right to appeal.

Deputy Chairman for ASIC, Peter Kell, said that mortgage brokers who knowingly or recklessly submit false loan documents will be held to account.

“This is the latest in a series of actions that ASIC has taken as part of a crackdown on loan fraud,” he said.