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ISCOVER
Staff Reporter
A Victorian-based finance broker has been permanently banned from engaging in credit activities after being convicted of fraud offences.
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Earlier this week ASIC banned Clearwater Financial Systems director and secretary Kristy Ann Lake after she pleaded guilty in the Melbourne Magistrates Court to two charges of obtaining property by deception.
In May and July 2008, Ms Lake submitted loan applications to two financial institutions, falsely using another person’s name.
Each of the applications was successful, resulting in Ms Lake obtaining a loan of $12,655 on the first occasion and $13,149 on the second occasion.
The fraud was discovered in 2010 after the loan providers contacted the person whose name the loans were in.
The matter was then reported to Victoria Police and ASIC.
Following Ms Lake’s guilty plea to the fraud charges, ASIC started the banning process.
Ms Lake has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
