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This week in penalties...

August 29, 2019

Mortgage broker banned

The same week the Treasurer made his statement about mortgage brokers, Dr Ding Yang has had his licence cancelled by the Australian Securities and Investments Commission (ASIC), as well as his membership with the Connective OSN.

 

Yang was also found to have provided false compliance statements in 2013 and 2017, which ASIC considers an important tool in alerting them to any issues.

 

”ASIC will look to remove anyone from the credit industry who acts dishonestly in discharging this obligation,” said ASIC Commissioner Sean Hughes said, in a statement earlier this week.

 

 

Financial adviser banned

ASIC has banned Peter Gaudie from providing financial services for four years after failing to provide ‘best interest’ duties.

 

ASIC further alleged Gaudie failed to give consumers in his care statements of advice (SOA).

 

“ASIC’s decision reflects our expectation that financial advisers comply with the law and act in their client’s best interests, not their own interests,” ASIC Commissioner Danielle Press said.

 

 

Director fraudulently moves asset

Oussama Taleb has pleaded guilty for fraudulently redirecting Marcel Plastering Group to his and his partner’s account.

 

By the time AISC was alert to Taleb’s conduct, Marcel Plastering owed $628, 501.

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