18/11/2013 - 12:50

ASIC bans jailed mortgage broker

18/11/2013 - 12:50

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The Australian Securities and Investments Commission has permanently banned a former broker from engaging in any financial services activities, following her jailing for defrauding 24 investors of more than $4 million.

ASIC bans jailed mortgage broker

The Australian Securities and Investments Commission has permanently banned a former broker from engaging in any financial services activities, following her jailing for defrauding 24 investors of more than $4 million.

Mortgage Miracles director Catherine Anne Thompson was convicted in June and sentenced to five years and one month jail for convincing clients, most of whom were friends and members of her church, to part with hundreds of thousands of dollars for a fictitious retirement village investment supposedly located in Canning Vale.

Thompson, through her company, promised substantial returns on investing in the project, dubbed 'Mormonville'.

"People working in the credit industry must demonstrate high standards of honesty and integrity," ASIC deputy chairman Peter Kell said.

"Ms Thompson's conduct fell well short of those standards, showing a persistent pattern of lying to people who trusted and relied on her."

Five years ago, Ms Thompson was ranked one of the top-five mortgage brokers in the nation until her fraudulent scheme ended up collapsing in 2008.

 

 

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