The Australian Securities and Investments Commission (ASIC) has handed down a three year ban to a Perth-based finance broker after he falsified documents for client loans.
Following an investigation ASIC found that Matthew David Schmelzkopf of Kelmscott submitted 13 loan applications between November 2010 and September 2011 with tax invoices that he created.
The loan applications predominately sought to secure approvals for motor vehicle finance amounting to almost $366,000.
“ASIC will not tolerate this type of behaviour,” ASIC deputy chairman Peter Kell said.
“Those who engage in dishonest, deceitful conduct will be removed from the industry.
ASIC said that based on Mr Schmelzkopf’s conduct of “knowingly giving falsified documents to the lender” it believed that he was not fit to engage in the industry
He will be banned from credit activities until June 27 2016 but has the right to administrative appeal.
Furthermore, ASIC said it has placed conditions on the credit licence entity through which Mr Schmelzkopf operated.
The requirements include engaging with an external compliance consultant to review the licensee and its representatives as well as making regular reports to ASIC.
The entity has been taken over by new owners.
The corporate regulator has cancelled the licence of three Queensland-based fina...
The majority of the company’s advisers have transferred to another licence as ...
ASIC has fired a warning shot at real estate agents providing unlicensed advice ...