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ASIC has banned a former Sydney mortgage broker and real estate agent from engaging in credit activities for three years.
An investigation found Mr Hyuk Hwang of Dural, NSW, the sole director of JH Global Pty Ltd, was involved in the submission of false documents to secure a loan worth $250,000.
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In July 2012, Mr Hwang (also known as Paul Hwang), was involved in the submission of a loan application and supporting documents to Westpac that contained false information.
ASIC’s investigation found that Mr Hwang allowed another person access to his online broker system and allowed that person to submit a loan application and documents to Westpac.
The application included a letter of employment from another business he owned which falsely represented the borrower was employed by, and received an income from, that business.
Mr Hwang was aware the application and the letter contained false information at the time they were submitted to Westpac.
Mr Hwang is the eighth individual ASIC has taken action against since November 2013.
ASIC Deputy Chairman Peter Kell said, ‘ASIC has taken action against eight credit providers in the last three months. This includes two convictions, three permanent bannings and three bannings totalling 11 years’.
‘This number is unacceptably high. ASIC will not hesitate to take action where we encounter deliberate breaches, serious misconduct or significant risk of consumer detriment’.
Mr Hwang has a right to review of ASIC's decision by the Administrative Appeals Tribunal.
