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ASIC announced today that it has banned a Gold Coast broker for providing lenders with false or misleading information.
David James Cacciola, who is the sole director of Lending Services Australia, has been banned from engaging in credit activities for nine years, according to the regulator.
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“ASIC's investigation found Mr Cacciola, acting in his capacity as a broker of Lending Services Australia, gave information and documents to the lenders, knowing or reckless as to whether the information and documents were false or misleading,” it said.
“ASIC found that from July 2011 to October 2011, Mr Cacciola assisted his wife to apply for two separate loans worth more than $600,000.”
Mr Cacciola told The Adviser he plans to appeal to the Administrative Appeals Tribunal.
ASIC deputy chairman Peter Kell said this is the latest in a series of actions ASIC has taken as part of a “crackdown” on loan fraud.
“Mortgage brokers who knowingly or recklessly submit false loan documents will be held to account,” he said.
Lending Services Australia was authorised to engage in credit activities before it cancelled its Australian credit licence with ASIC in April 2013, according to ASIC.
[Related: ASIC asks government for more power]
