Melbourne loan fraud mortgage broker banned by ASIC

The Australian Securities and Investment Commission has banned a Melbourne mortgage broker for five years for providing misleading information on loan applications.

ASIC also cancelled the credit license of Tony Quach’s TQ Smartchoice Pty Ltd.

It says he submitted false and misleading information relating to applicants’ income, employment and savings.

He made declarations to lenders that he had met and obtained all information from the applicants.

But Quach had failed to meet some of the applicants before submitting the applications to lenders.

It says Quach also met some applicants but still submitted applications including information and documents obtained from a person other than the applicant.

“ASIC takes allegations of loan fraud very seriously. We will continue to remove from the industry those involved in misleading loan applications,” ASIC Deputy Chairman Peter Kell says.

ASIC’s is currently investigating a further 20 loan-fraud cases.