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Wednesday 21 December 2016

16-456MR Used-car finance broker permanently banned

ASIC has permanently banned Vaughn Thomas Hopkins from engaging in credit activities. Mr Hopkins, a former Victorian-based finance broker, arranged finance for consumers buying vehicles from Combined Motor Traders, a Cranbourne used-car dealership, between 2014 and 2015.

ASIC found that Mr Hopkins knowingly provided false information to Esanda, a division of ANZ Banking Group Ltd, in support of car finance applications for nine of his clients. All nine applications contained false payslips, and in three of the applications Mr Hopkins also falsely inflated his clients' assets. Each of the nine finance applications was approved.

ASIC Deputy Chairman Peter Kell said the banning reinforces the strong message to any broker considering engaging in misleading conduct.  

'ASIC will not hesitate to permanently remove those who engage in misleading conduct from the industry,' Mr Kell said.

ASIC's investigations are ongoing.

Mr Hopkins has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.

Last updated: 30/03/2021 09:33