ASIC has banned Christopher Robert Con Foo (also known as Christopher Robert Confoo) from engaging in credit activities and providing financial services for a period of seven years. 

Mr Con Foo, a former finance business manager, arranged car finance and insurance for customers buying vehicles from South Yarra BMW, a car dealership operated by Bayford Group Pty Ltd.

ASIC found that in October 2015, Mr Con Foo forged letters in accountants' names and provided those letters to BMW Australia Finance Ltd, in support of car finance applications for three of his customers. 

The letters provided information about the customers' income and intended use of the cars being purchased. In two instances, the customers were not clients of the accountants concerned and the letters were prepared without the knowledge of those accountants.  In one instance, a genuine accountant's letter was altered to falsify the customer's business income without the knowledge of the accountant or customer.

ASIC Deputy Chair Peter Kell said, "Dishonest conduct exposes consumers and credit providers to financial risk. ASIC will not hesitate to take banning action to remove those engaging in misleading conduct from the industry."

Mr Con Foo has the right to seek a review of ASIC's decision to the Administrative Appeals Tribunal. ASIC's investigation is ongoing.

Background

ASIC has taken action against a number of other loan-writers, representatives and  brokers operating in the car finance market, for conduct such as:

• Falsifying information to get loans for consumers who might not otherwise be eligible for a loan.
• Obtaining cars for consumers with poor credit histories, by arranging for a third party to sign the loan contract as a borrower (when that person thought they were only a guarantor).
• Arranging for the consumer to buy a car at an inflated sale price, and obtaining a secret profit from the mark-up in price.
• Including insurance and warranty products in the total finance balance without the knowledge or consent of the consumers.

Some examples of these matters can be seen below:

• Permanently banning two brokers: Mr Adam Edward Greene (17-134MR) and Mr Vaughn Thomas Hopkins (16-456MR).
• Permanently banning four brokers: Mr Eric-John Pryor, Mr Lachlan McDonald (15-189MR), Mrs Julie Vanzyl (16-116MR) and Grant Parker (16-132MR).
• Banning a broker, Ms Rana Hepi, for eight years (15-374MR).