ASIC bans manager after $3.2m of false or misleading home loan applications
An ASIC investigation has found that seven home loan applications, worth $3.2 million, were submitted to a lender with false or misleading information, including false payslips.
This has caused Anthony Bergin to be banned from engaging in credit activities for three years.
Bergin's company, Melbourne-based Equity Financial Management Pty Ltd (EFM), submitted these loan applications between September 2011 and February 2012.
Bergin was the key person and sole responsible manager of EFM over this time period. It held an Australian credit licence.
ASIC deemed that he both failed to supervise and monitor the activities of the staff adequately and failed to understand the obligations under credit legislation.
Peter Kell, deputy chairman for ASIC, said that the role of manager is crucial to the property conduct of a credit business.
"If you do not demonstrate the highest standards of competence and diligence in this important role you will be banned from the credit industry," he said.
Bergin was found to have failed to comply with credit laws. He was also found to not be a fit and proper person to engage in credit activities.
EFM's Australian credit licence has now been suspended until 16 June 2014, however Bergin and EFM do have the right of appeal.
EFM previously advertised themselves as a "boutique finance firm" that also covered services such as "financing of equipment and motor vehicles, insurance, asset protection and buyers agents."