ASIC has permanently banned a former mortgage broker from engaging in any credit activities and providing financial services following his criminal conviction for a range of offences.
In January 2013 Daniel Minh Tuan Nguyen, of Panania, was convicted of 10 offences including providing false information and documents to banks to secure approvals for home loans totalling more than $3 million over a five-month period (refer: 13-008MR). He pled guilty to the charges.
At the time of the offences Mr Nguyen was the sole director and sole employee of M.A.I Pacific Pty Ltd (trading as MAI Home Loans) in Bankstown.
‘Mr Nguyen’s conduct was not inadvertent or the result of a momentary lapse. It was a deliberate, ongoing course of conduct that he knew to be in breach of the law,’ ASIC Deputy Chairman Peter Kell said.
‘The banning of Mr Nguyen continues ASIC's actions to protect the public from the harm associated with falsifying loan documents and loan applications.’
Mr Nguyen has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
Background
ASIC has more than 20 investigations underway involving falsification of loan documentation and loan applications.
In October 2013 ASIC lodged a second submission to the Senate Economics References Committee inquiry detailing its role and performance in regulating consumer credit, including loan fraud (refer: 13-289MR).
Since taking over national responsibility for credit in 2010, ASIC has taken action over brokers submitting fraudulent loan applications and similar behaviour. Recent cases have seen individuals criminally charged or banned. These include:
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Mr Wen Yao Hsieh and Ms Chia Min Shen (refer: 13-336MR)
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[This MR was redacted on 25/08/2023 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]
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Daniel Duy Anh Nguyen (refer: 13-306MR)
- [This MR was redacted on 22/09/2023 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]