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Jessica Darnbrough and Steven Cross
In a landmark case, ASIC has laid its first criminal charges under NCCP with a NSW-based mortgage broker pleading guilty to 10 charges, including mortgage document fraud.
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A former NSW-based mortgage broker has pleaded guilty to more than 10 offences in Sydney’s Downing Centre Local Court.
The charges laid against Daniel Nguyen are the first criminal charges brought by ASIC under the National Consumer Credit Protection Act 2009.
Appearing in court yesterday, Mr Nguyen pleaded guilty to nine offences against section 33(2) of the National Credit Act for providing false documents to banks for nine home loans totalling more than $3 million between 29 July 2010 and 7 January 2011.
In addition, the Sydney broker pleaded guilty to one offence against section 11.2(1) of the Commonwealth Criminal Code and section 123(6) of the National Credit Act for assisting three clients to apply for credit contracts that were unsuitable for them between 28 September 2010 and 7 January 2011.
At the time of the offences Mr Nguyen was the sole director and sole employee of M.A.I Pacific Pty Ltd in Bankstown.
Mr Nguyen faces a maximum penalty of 2 years imprisonment, a fine of up to $11,000 or both, for each charge.
Mr Nguyen, who was granted unconditional bail, was committed to the District Court for sentence on 5 October 2012.
Speaking to The Adviser about ASIC's decision to press charges against Mr Nguyen, MFAA chief executive Phil Naylor said he was pleased to see the industry watchdog taking a strong line against this type of behaviour.
"ASIC has apprehended brokers in the past under the consumer credit protection act, and will continue to do so," he said.
"The MFAA has taken the line that any fraudulent or criminal activities from our members will be dealt with."
