Sydney mortgage broker permanently banned

The corporate watchdog announced on Friday that Mr Madhvan Nair of Kellyville NSW has been permanently banned following an ASIC investigation which led to Mr Nair, a former mortgage broker with AHL Investments Pty Ltd (trading as Aussie), being convicted in Downing Centre Local Court on 18 charges relating to home loan fraud.

“On each of the 18 charges, Mr Nair was convicted and released upon entering into a recognizance of $1,000 with the condition that he be of good behaviour for three years,” ASIC said in a statement.

ASIC's investigation found that Mr Nair provided documents in support of 18 loan applications knowing that they contained false or misleading information. 　

"The applications contained letters which purported to be from the applicant's employer. These documents were false and in most instances, the loan applicant had never worked for the particular employer," ASIC said. 

Mr Nair has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision.

[Related: 10-year ban for former lending director]