Login
ISCOVER
Staff Reporter
The industry watchdog has banned a Sydney-based broker after he was found to have engaged in misleading conduct.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
According to the Australian Securities and Investments Commission (ASIC), Arthur Sperling submitted 10 home loan applications to four lenders between October 2011 and November 2012 that contained misleading and false information.
The loans totalled more than $4 million.
As a result of Mr Sperling’s activities, ASIC has also cancelled the Australian Credit Licence of Tiana Holdings, which traded as Statewide Financial Services.
Mr Sperling has held an Australian Credit Licence in his own name since 22 February 2012.
“Failing to verify information submitted in loan applications blatantly disregards the fundamental principles of engaging in credit activities. Those who do not adhere to their obligations will be removed from the industry,” ASIC commissioner Peter Kell said.
Mr Sperling has a right to a review of ASIC's decisions by the Administrative Appeals Tribunal.
