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15-327MR ASIC bans home loan mortgage broker
ASIC has permanently banned Ms Jiangyong (Jenny) Mao from engaging in credit activities and providing financial services.
An ASIC investigation found that Ms Mao had created and submitted false documents to support home loan applications for her clients.
ASIC has determined that Ms Mao is not a fit and proper person to engage in credit activities and is not of good fame or character, making her an unsuitable person to provide financial services.
ASIC Deputy Chair Peter Kell said, 'The integrity of the home loan industry relies upon participants who are honest. ASIC will ban people who deliberately engage in fraudulent conduct.'
Ms Mao has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.
Ms Mao, of South Brisbane, Queensland operated a home loan broking company, Diamond Lady Group Pty Ltd (Diamond Lady Group) which held an Australian credit licence from 2010 until 2014.
ASIC has been active in dealing with loan fraud involving mortgage and finance brokers. Since becoming the national regulator of consumer credit in 2010, ASIC has achieved significant loan fraud outcomes including the banning of 31 individuals or companies (including 16 permanent bans). ASIC has also obtained convictions in six criminal actions, with four defendants currently before the Courts.
On 30 November 2015 Ms Mao applied to the Administrative Appeals Tribunal (AAT) for a review and stay of ASIC's decision.
On 11 January 2016, the AAT refused Ms Mao's stay application. The AAT is yet to set a date for the hearing in relation to Ms Mao's substantive appeal of ASIC's banning decision.