07/11/2019 - 10:55

ASIC bans WA finance broker

07/11/2019 - 10:55

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The Australian Securities and Investment Commission announced today it has banned Element Finance Group director Tim Zheng from engaging in credit activities for at least three years.

ASIC says Mr Zheng provided false documents in support of four loan applications in 2017 and 2018.

The Australian Securities and Investment Commission announced today it has banned Element Finance Group director Tim Zheng from engaging in credit activities for at least three years.

ASIC said it has also cancelled the mortgage company’s Australian credit licence.

The financial regulator said Mr Zheng had provided false documents in support of four loan applications between September 2017 and February 2018.

Mr Zheng had then made a false statement to ASIC in July 2018 by failing to disclose that Bankwest had terminated his accreditation after it found he had lodged four home loan applications, supported by false documents.

ASIC said Mr Zheng had also failed to disclose that his membership with aggregator Australian Finance Group was terminated.

It added Mr Zheng was not a “fit and proper person” to engage in credit activities.

“It is essential that credit licensees act with honesty and diligence in discharging their obligations,” ASIC commissioner Sean Hughes said.

The ban is recorded on ASIC’s Banned and Disqualified Persons Register.

ASIC said Mr Zheng and Element Finance Group had the right to appeal to the Administrative Appeals Tribunal for a review of the decision.

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