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ISCOVER
Jessica Darnbrough
A mortgage broker and former Westpac home finance manager who featured in a recent low doc scandal expose on Today Tonight has slammed the report as "fictitious".
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Last week, Channel 7’s current affairs program ran a report claiming David St Pierre facilitated loans for pensioners and nursing home residents, helping them take out loans up to $440,000.
According to the report, Mr St Pierre’s customers never had the ability to repay the loans.
Mr St Pierre was subsequently suspended by 1300Homeloan so that the company could conduct their “due diligence”.
But Mr St Pierre has catagorically denied any wrongdoing. Speaking to The Adviser, Mr St Pierre said while he understood why 1300HomeLoan had been forced to suspend him, he is hopeful he will be reinstated as soon as the allegations against him are dismissed.
“I fully support 1300Homeloan and the MFAA in their enquiries, which are standard practice when allegations of unethical behaviour are made. I strongly believe that it is crucial to uphold the industry standards and ethics,” he told The Adviser.
“I categorically deny the allegations made in the recent media reports, I had no affiliation with the independent investment company mentioned in these reports and I gave no financial advice or recommendations in relation to it.
“I submitted applications to the bank on behalf of the powers of attorney for the two elderly applicants in question and these applications were not approved by myself.
“Unfortunately, the investors who are suffering the most, are being manipulated by those who endeavour to profit at the expense of a `big bank’. I firmly believe that it is unjust for certain media outlets to promote those who believe that the Westpac bank can be held responsible for the Investors losses caused by the collapse of an independent investment company.
“I refute any wrongdoing and I am confident my good reputation will be restored in due course.”
1300HomeLoan managing director John Kolenda agreed with Mr St Pierre and said there was more to the loan transaction than had been reported by the media.
“I have a feeling this is a bit of a media beat-up and Mr St Pierre is the victim,” Mr Kolenda said.
“We are completing our due diligence at present and if we find Mr St Pierre has in fact done nothing wrong, then we will reinstate him.”
