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Tuesday 16 April 2013

13-080MR ASIC bans Sydney mortgage broker and cancels his Australian credit licence

ASIC has banned Mr Arthur Sperling, a Sydney-based mortgage broker, from engaging in credit activities for 5 years and cancelled his Australian credit licence after an ASIC investigation found he engaged in false or misleading conduct.

ASIC’s investigation found that between October 2010 and November 2011, Mr Sperling submitted 10 home loan applications to four lenders that contained false or misleading information. The amount of these loans totalled $4.132 million.

During this period, Mr Sperling was the sole director of Tiana Holdings Pty Ltd, which held an Australian credit licence, and also traded as Statewide Financial Services.

ASIC has banned Mr Sperling and cancelled his credit licence on the basis that he is likely to continue to contravene his obligations as the holder of a credit licence.

‘Failing to verify information submitted in loan applications blatantly disregards the fundamental principles of engaging in credit activities. Those who do not adhere to their obligations will be removed from the industry’, ASIC Commissioner Peter Kell said.

Mr Sperling has held an Australian credit licence in his name since 22 February 2012.

Mr Sperling has a right to a review of ASIC's decisions by the Administrative Appeals Tribunal.


The false and misleading information Mr Sperling submitted related to the income and employment of the borrowers.

In a number of instances, the employment details of borrowers were described in loan applications as being on a full-time basis when in fact the borrowers had either not worked for the nominated employer or only worked on a contract or casual basis.

Mr Sperling failed to independently verify the income and employment details of the borrowers before submitting the loan applications to the lenders. In doing so, he has been reckless as to whether the income and employment details supplied to the lenders were false or misleading.

Last updated: 16/04/2013 12:00