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ISCOVER
Staff Reporter
The industry watchdog has permanently banned a Western Australia-based mortgage broker from providing financial services.
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Earlier this year, Mark Booty was found guilty of eight counts of fraud.
According to a statement from ASIC, Mr Booty defrauded more than $1.1 million from seven clients.
Mr Booty set up an investment scheme in which seven clients invested money over an 18-month period which they had accessed by borrowing against their homes.
Rather than being invested and secured in the manner he had promised, Mr Booty misappropriated the funds for his own purposes in his business and for personal expenses. Mr Booty became bankrupt in 2009 and the investors in his scheme lost their capital.
Following an investigation by WA Police, a District Court of Western Australia jury found him guilty of fraud and sentenced him to five and a half years jail with a non-parole period of three and a half years.
ASIC commissioner Peter Kell said the decision to permanently remove Mr Booty from the financial services and credit industries was done to protect the public.
‘While Mr Booty is currently in prison, it is important that he is prevented from working in the credit and finance industry in the future,’ Mr Kell said.
Mr Booty has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
