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ASIC has announced today that it has permanently banned a Victorian broker due to a “misleading” credit licence application.
The regulator said that Rudy Noel Frugtniet was found to have “provided misleading information and a lack of full disclosure on a credit licence application”.
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Mr Frugtniet is a former director of Unique Mortgage Services, and was the responsible manager for UMS’s Australian credit licence, according to ASIC.
ASIC said its decision was based on Mr Frugtniet’s “lack of full disclosure and misleading answers given in relation to questions on UMS’ application for a credit licence”.
Mr Frugtniet’s “adverse disciplinary history” was also taken into account. That included “misrepresenting himself as a lawyer with standing to appear in court” and “making of a false or misleading declaration to the Tax Practitioners Board”.
ASIC found that Mr Frugtniet’s conduct was incompatible with the good character, honesty, integrity and judgement required of a person permitted to engage in credit activities.
Deputy chairman Peter Kell said that people who deliberately provide misleading information in their credit applications simply should not be in the industry.
“Where we come across instances like this, ASIC will act quickly to ensure they are removed from the industry,” he said.
ASIC’s investigations into this matter are ongoing. Mr Frugtniet has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
