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Tuesday 1 December 2015

15-360MR ASIC permanently bans former lending officer

ASIC has permanently banned Bassem Fares, a former lending officer at Firstfolio Services Pty Ltd, from engaging in any credit activities, following an investigation and subsequent administrative hearing.

Mr Fares admitted to creating false income verification documents and false letters of employment in support of six mortgage loan applications seeking loans totalling over $3 million during the period from December 2013 to March 2014.

Among the false documents were:

  • six PAYG payment summaries which contained false information as to employment or income earned;
  • 11 payslips that had not been issued the purported employer containing false ABNs or incorrect compulsory superannuation amounts; and
  • three  reference letters from purported employers. 

ASIC found that Mr Fares was not a fit and proper person to engage in credit activities.

ASIC Commissioner Greg Tanzer said, 'It is imperative that consumers and other participants in the credit industry can rely on the honesty and integrity of persons who engage in credit activities.'    

Last updated: 30/03/2021 09:39