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ISCOVER
Staff Reporter
A former NSW-based mortgage broker was today convicted of 10 offences under the National Consumer Credit Protection Act 2009.
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As reported by The Adviser in September 2012, Daniel Nguyen pleaded guilty to 10 offences including providing false information and documents to banks to secure approvals for home loans totalling more than $3 million over a five month period.
The loans Mr Nguyen was involved in attempting to secure ranged from $112,000 to $536,900, with the average being approximately $350,000. Only one loan of $532,000 was approved.
In convicting Mr Nguyen on the offences, the Sydney District Court imposed a two year good behaviour bond.
In making the order, the court, among other things, took into consideration Mr Nguyen’s level of cooperation with ASIC’s investigation, his good character and history and his remorse for acting dishonestly in this case.
The conviction of Mr Nguyen is the first under new national consumer credit protection legislation.
ASIC Commissioner Peter Kell said brokers must familiarise themselves with their obligations under the National Credit Act.
“They should know the law, read our guidance and seek additional or external advice if they feel they need it,” Mr Kell said.
