The Australian Securities and Investments Commission (ASIC) has permanently banned a Perth-based mortgage broker for engaging in fraudulent activities.
According to a statement from ASIC, Eric Ying Ching Chu, who was formerly employed by Mortgage Specialists, falsified a letter stating finance approval had been provided for a client.
ASIC's investigation found that after falsifying the letter, Mr Chu then forwarded that letter to a settlement agent so that the Commonwealth Bank would issue a loan in the amount of $256,000.
ASIC banned Mr Chu on the basis that he was not a fit and proper person to engage in credit activities.
“ASIC takes the role of gatekeepers very seriously. People who do not take their obligations seriously will be removed from the industry,” ASIC’s deputy chairman Peter Kell said.
Mr Chu has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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