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ASIC has banned a Melbourne broker for five years, as well as cancelled his company’s credit licence, after an investigation uncovered falsified documents.
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Tony Quach of TQ Smartchoice Pty Ltd was found guilty of failing to comply with credit laws after he submitted six home loan applications to two lenders containing false or misleading information.
ASIC found that between December 2010 and December 2011, Mr Quach obtained information and documents from a source other than the applicants and failed to verify that information with the applicants.
ASIC deputy chairman Peter Kell took the opportunity to remind brokers that allegations of loan fraud would be taken “very seriously”.
“We will continue to remove from the industry those involved in misleading loan applications,” Mr Kell said.
