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The Australian Securities and Investments Commission (ASIC) has banned a Perth-based finance broker for three years after an investigation found he had falsified loan documents.
According to ASIC, Mathew David Schmelzkopf, has been banned from engaging in credit activities until 27 June 2016.
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ASIC’s investigation found that, between November 2010 to September 2011, 13 loan applications Mr Schmelzkopf submitted to a lender contained tax invoices that he had created without authority from the suppliers of the goods to do so.
The loan applications predominantly sought to secure approvals for motor vehicle finance totalling almost $366,000.
Based on his knowingly giving falsified documents to the lender, ASIC believed that Mr Schmelzkopf may not be a fit and proper person to engage in credit activities.
ASIC Deputy Chairman Peter Kell said the banning highlights ASIC’s strong approach to ensuring that rogue operators are removed from the industry.
According to ASIC, Mathew David Schmelzkopf, has been banned from engaging in credit activities until 27 June 2016.
ASIC’s investigation found that, between November 2010 to September 2011, 13 loan applications Mr Schmelzkopf submitted to a lender contained tax invoices that he had created without authority from the suppliers of the goods to do so.
The loan applications predominantly sought to secure approvals for motor vehicle finance totalling almost $366,000.
Based on his knowingly giving falsified documents to the lender, ASIC believed that Mr Schmelzkopf may not be a fit and proper person to engage in credit activities.
ASIC Deputy Chairman Peter Kell said the banning highlights ASIC’s strong approach to ensuring that rogue operators are removed from the industry.
“ASIC will not tolerate this type of behaviour. Those who engage in dishonest, deceitful conduct will be removed from the industry,” Mr Kell said.
Mr Schmelzkopf has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
