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Friday 29 July 2016

16-242MR Former Aussie Home Loans mortgage broker permanently banned for loan fraud

ASIC has permanently banned Ms Emma Feduniw, also known as Emma Khalil, of Brisbane QLD, from the credit and financial services industries.

The bans follow an ASIC investigation which led to Ms Feduniw, a former mortgage broker with AHL Investments Pty Ltd (trading as Aussie), being convicted on 3 June 2016 in Beenleigh Magistrate's Court on eight charges relating to home loan fraud.  She was convicted and fined $8,500 (refer: 16-186MR).

ASIC's investigation found that Ms Feduniw provided documents in support of eight loan applications knowing that they contained false or misleading information about the applicant's employment.

 'ASIC wants to ensure that dishonest brokers are removed from the industry,' ASIC Deputy Chair Peter Kell said. 'We will take all necessary steps to achieve this.'

Ms Feduniw has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision. 

Background

On 1 April 2016, Ms Feduniw pleaded guilty through her solicitor to eight charges under section 160D of the National Consumer Credit Protection Act 2009 while she was engaging in credit activity on behalf of Aussie. Section 160D makes it an offence for a person engaging in credit activities to give false or misleading information or documents to another person. Ms Feduniw provided false employment documents to secure approvals for home loans, submitted to Westpac Banking Corporation (refer:16-108MR).

On 3 June 2016, Ms Feduniw was convicted and sentenced to a fine of $8,500 for the eight charges (refer: 16-186MR).

Since becoming the national regulator of consumer credit on 1 July 2010, ASIC has taken 79 actions involving loan fraud, including 60 actions to ban individuals and companies from providing or engaging in credit services or holding an Australian credit licence. ASIC has also commenced 13 criminal proceedings involving loan fraud.

Editor's note 1:

On 10 August 2016, Ms Feduniw filed an Application for Review of Decision in respect of her permanent banning from the credit and financial services industries. The appeal was heard on 8 May 2017 and the AAT affirmed ASIC's decisions. Ms Feduniw remains permanently banned from providing financial services and engaging in credit activities.

 

Last updated: 05/06/2017 04:44