Former NSW broker cops permanent ban

The Australian Securities & Investments Commission (ASIC) has imposed a permanent ban on mortgage broker Aleksandra Frizzell after fraud convictions.

Frizzell was a mortgage broker between 2013 and 2017 accredited with Beagle Finance Pty Ltd and Supra Finance Pty Ltd between 2017 and 2018.

According to the regulator, Frizzell dishonestly secured funds from an employee, clients, and people purchasing goods via Facebook Marketplace.

Following this, Frizzell was convicted of 17 counts of dishonestly obtaining a financial advantage by deception, three counts of dealing with identity information to commit an indictable offence, and one count of dishonestly obtaining property by deception in the Newcastle Local Court.

Frizzell was sentenced to four years’ imprisonment.

ASIC has the authority to permanently ban an individual from the financial services and credit industries if they are convicted of fraud under the Corporations Act and the National Consumer Credit Protection Act.

Based on her convictions, Frizzell has been hit with the permanent ban as a consequence.

According to ASIC, the ban prohibits the former mortgage broker from providing any financial services or engaging in any credit activities; controlling an entity that carries on a financial services business or engaging in credit activities; and performing any function for an entity carrying on a financial services business or engaging in credit activities, including as an officer, manager, employee, or contractor.

The ban took effect as of 15 July 2024, ASIC has confirmed.

Frizzell has the right to apply to the Administrative Appeals Tribunal for a review of the regulator’s decision.

Finance broker banned

In late December 2023, ASIC alleged that Parramatta-based broker Robin Raju submitted a credit licence annual compliance certificate for his company Robin Raju & Associates (RRA) to ASIC on 25 September 2022, which contained “false or misleading statements”.

According to ASIC, Raju failed to disclose that he had been the subject of disciplinary action by the Tax Practitioners Board along with other matters.

As a result, ASIC issued a banning order prohibiting Raju from engaging in credit activities for two years after it was found that he contravened the National Consumer Credit Protection Act 2009.

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.