Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASIC bans former mortgage director

ASIC has banned a former company director from providing financial services for a period of six years following an investigation.

In a statement yesterday the corporate regulator said that Mr Anthony John Downey, of Brighton, Victoria was, until 3 June 2015, a director of Platinum Mortgage Securities Limited. ASIC found that Mr Downey engaged in misleading conduct by providing false documents to support an application for an Australian visa, knowing that the documents would be provided to an Australian government department.

The regulator found that the relevant documents prepared by Mr Downey falsely represented that the visa applicant had made a qualifying investment with Platinum Mortgage Securities Limited.

"ASIC expects directors and officers of financial services licensees to act with integrity when performing their role and, when they fail to do so, we will act to remove them from the industry," ASIC commissioner Greg Tanzer said.

The matter was reported to ASIC by Platinum Mortgage Securities Limited. Mr Downey has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

Advertisement
Advertisement

PROMOTED CONTENT


ASIC bans former mortgage director
mortgagebusiness

Latest News

A high rate of loan repayments through the pandemic has somewhat slowed the growth of Heritage Bank’s book, despite a surge in approvals. ...

Small and medium-sized enterprises were the most commonly targeted victims of cyber attacks in the last financial year, according to new rep...

An overwhelming majority of Pulse Credit Union members have supported the proposed deal with Teachers Mutual Bank Ltd, with the two companie...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.