03/12/2012 - 13:16

Mortgage broker banned by ASIC

03/12/2012 - 13:16

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Mortgage broker banned by ASIC

Former Rockingham mortgage broker Mark Booty has been permanently banned from providing financial services or engaging in credit activities by the Australian Securities and Investments Commission.

Mr Booty, who was director of Prime Property Investment Perth, was found guilty in the District Court on eight counts of gaining benefits by fraud for offences that occurred between 2007 and 2009.

Earlier this year Mr Booty was sentenced to five and a half years in prison, with a non-parole period of three and half years.

According to ASIC, Mr Booty set up an investment scheme where seven separate clients provided him with funds accessed by borrowing against their funds.

Instead of investing and securing the funds, Mr Booty used them for his own business dealings and personal finances.

Mr Booty became bankrupt in 2009.

ASIC Commissioner Peter Kell said the decision to ban Mr Booty from providing financial services was done to protect the public.

“While Mr Booty is currently in prison, it is important that he is prevented from working in the credit and finance industry in the future,” he said.

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