False documents allegedly provided to a car dealer have seen a former NSW loan broker banned from the industry for a decade.
The Australian Securities and Investment Commission (ASIC) has cancelled Fernando Morais’ credit licence and blocked him from engaging in credit activities, reports Smart Company.
An ASIC investigation found that Morais breached credit legislation by providing false documents in five consumer credit applications to BMW Finance, trading as Alphera Financial Services.
ASIC said that he did not believe he was responsible for checking the accuracy of the documents sent to the company in late 2011.
The investigation also alleges Morais created false documents relating to two business-use vehicles.
A statement from ASIC deputy chair Peter Kell underlined that the corporate watchdog would take action against any broker behaving dishonestly or recklessly.
“When we find individuals engaging in such misconduct, ASIC will not hesitate to remove them from the industry,” he said.
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