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Mortgage broker sentenced to 18 month good behaviour bond for making false statements to ASIC

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Mr Zhuo Wang, a mortgage broker from Gladesville, New South Wales, has been sentenced in the NSW Local Court to an 18 month good behaviour bond for knowingly making false statements in three credit licence annual compliance certificates lodged with ASIC.

Mr Wang held an Australian credit licence and operated a mortgage brokerage business in Sydney.  Mr Wang was the sole fit and proper person and responsible manager of his credit licence.

Mr Wang had his lender accreditation with ANZ suspended in April 2016. Between 2 May 2016 and 2 May 2018, Mr Wang completed and submitted three credit licence annual compliance certificates to ASIC. He falsely certified in these certificates that he, as the sole fit and proper person of his credit licence, had not had his accreditation cancelled or suspended by a lender.

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

Mr Wang pleaded guilty to one count of breaching the Act on 13 October 2020 (20-272MR). A conviction has not been recorded.

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

Background

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 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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