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Finance broker charged with making false statements to ASIC


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Mr Zhuo Wang, a mortgage broker from Gladesville, New South Wales, has been charged with three counts of knowingly making a false statement in credit licence annual compliance certificates lodged with ASIC.

Mr Wang holds an Australian credit licence and operates a mortgage brokerage business in Sydney.  Mr Wang is the sole fit and proper person and responsible manager of his credit licence.

ASIC alleges that, in April 2016, Mr Wang had his lender accreditation with ANZ suspended.  It is alleged that between 1 May 2016 and 3 May 2018, Mr Wang completed and submitted three credit licence annual compliance certificates to ASIC.  It is alleged that Mr Wang falsely certified in the certificates that he, as the sole fit and proper people of his credit licence, had not had his accreditation cancelled or suspended by a lender.

The alleged offending is contrary to section 225(3) of the National Consumer Credit Protection Act 2009.

The matter has been adjourned to 22 September 2020 for further mention.

The Commonwealth Director of Public Prosecutions is prosecuting the matter after a referral from ASIC.


Australian credit licence holders are required to identify the people involved in the management of their credit businesses, known as fit and proper people.  Mr Wang is and was at the relevant time the sole fit and proper person of his credit licence.

Credit licence holders are also required to annually lodge an Australian credit licence compliance certificate with ASIC, in which licensees are required to certify that they are complying with their credit licence obligations.

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Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

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