Powered by MOMENTUM MEDIA
Broker Daily logo

Sydney mortgage broker permanently banned

ASIC has permanently banned a former Aussie Home Loans mortgage broker from credit and financial services industries.

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]

More on Economy
21 November 2024
After witnessing some positive trends in the offset of COVID-19, business failures across the country have picked up ...
21 November 2024
With GDP growth at just 0.2 per cent as of the June quarter of 2024, small and medium-sized enterprises (SMEs) are ...
20 November 2024
The RBA minutes for the November meeting revealed that members recognised the importance of flexibility in monetary ...