ASIC bans Edward George from Mudgee after Quest Home Loans investigation

ASIC has permanently banned the former mortgage broker and financial services representative, Edward Richard George, from Mudgee.

Edward George was banned from providing financial services and engaging in credit activities after ASIC found him to be not fit and proper or of good character.

ASIC found he engaged in dishonest conduct after an investigation looked into Mr George’s conduct when he was a broker operating under the name Quest Home Loans.

ASIC found that on two occasions between March and July 2011 Mr George falsified and submitted eight documents for four deposit guarantees and one home loan.

A deposit guarantee (also known as a deposit bond), is a substitute for a cash deposit in purchasing a house.

 The applications were for himself and four clients.

The false documents included loan approval letters, employment letters and payslips.

"Mr George’s dishonest conduct is incompatible with the honesty, integrity, diligence and judgment that is required of those in the industry," ASIC deputy chairman Peter Kell said.

Mr George has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.