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Thursday 4 February 2021

21-014MR Former mortgage brokerage company director pleads guilty to making a false statement to ASIC

Mr Ding Yang, director of Advanced Choice Finance Pty Ltd (ACF), a former Melbourne-based mortgage brokerage company, has pleaded guilty to aiding and abetting ACF in knowingly making a false statement in a credit licence annual compliance certificate lodged with ASIC. 

ACF held an Australian credit licence, and Mr Yang was the sole fit and proper person and responsible manager on the licence.

Mr Yang had his lender accreditation with the Bank of Melbourne terminated in July 2012, and in April 2016 Mr Yang and ACF had their membership with aggregator Connective OSN Pty Ltd terminated.

In January 2017, Mr Yang, on behalf of ACF, completed and lodged a credit licence annual compliance certificate with ASIC in which he falsely certified that none of ACF’s fit and proper people had their accreditation cancelled by a lender or their membership with an aggregator terminated.

The offending is contrary to section 225(3) of the National Consumer Credit Protection Act 2009.

The matter has been listed for sentencing before the Melbourne Magistrates Court on 13 April 2021. 

ACF has been charged with one count of knowingly making a false statement in a credit licence annual compliance certificate lodged with ASIC.

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


Connective OSN Pty Ltd is an aggregator, which provides broker aggregation services.

Australian credit licence holders are required to identify the people involved in the management of their credit businesses, known as fit and proper people. Mr Yang was at the relevant time the sole fit and proper person of his credit licence.

Editor's note:

On 13 April 2021, Mr Yang confirmed his guilty pleas, both in his personal capacity and on behalf of ACF. Her Honour adjourned both matters part-heard to Thursday 3 June 2021.

Last updated: 21/04/2021 02:31