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Wednesday 2 December 2020

20-306MR Finance broker convicted of making false statements to ASIC

Mr Guodong Liu, a mortgage broker and director of Wealth Investment Milestone Pty Ltd (WIM) and Aus Mortgage Pty Ltd (AUS), from Rhodes, New South Wales, was convicted in the Downing Centre Local Court of three counts of knowingly making a false statement in documents lodged with ASIC.

In November 2016, Mr Liu, as the director of AUS, completed and lodged with ASIC an Australian credit licence application on behalf of AUS. As a nominated fit and proper person in AUS’s credit licence application, Mr Liu falsely certified that none of AUS’s nominated fit and proper people had their accreditation cancelled or suspended by a lender. Mr Liu had his lender accreditation with the ANZ bank suspended in April 2016.

In January 2017 and December 2017, Mr Liu, as the sole fit and proper person on WIM’s Australian credit licence, completed and submitted to ASIC, a credit licence annual compliance certificate on behalf of WIM. Mr Liu falsely certified that none of WIM’s fit and proper people had accreditation cancelled or suspended by a lender.

Mr Liu was fined $9,000 and ordered to attend the Ryde Police Station for fingerprints and photographs to be taken.

The Commonwealth Director of Public Prosecutions prosecuted the matter after a referral from ASIC.

Background

WIM holds an Australian credit licence.

AUS’s application for an Australian credit licence was withdrawn by the applicant.

Credit licence holders are required to identify the people involved in the management of their credit businesses, known as fit and proper people. Mr Liu was WIM’s sole fit and proper person and was nominated as a fit and proper person on AUS’s credit licence application.

Credit licence holders are also required to annually lodge an Australian credit licence compliance certificate with ASIC, in which licensees are required to certify that they are complying with their credit licence obligations.

Editor's note: 

Mr Liu has lodged an appeal to his conviction and sentence, which is listed for hearing at the Downing Centre District Court on 26 April 2021.

 

Last updated: 02/12/2020 12:00