今日热门事件has permanently banned Ms Jiangyong (Jenny) Mao from engaging in credit activities and providing financial services.
An 今日热门事件investigation found that Ms Mao had created and submitted false documents to support home loan applications for her clients.
今日热门事件has determined that Ms Mao is not a fit and proper person to engage in credit activities and is not of good fame or character, making her an unsuitable person to provide financial services.
今日热门事件Deputy Chair Peter Kell said, 'The integrity of the home loan industry relies upon participants who are honest. 今日热门事件will ban people who deliberately engage in fraudulent conduct.'
Ms Mao has the right to seek a review of ASIC鈥檚 decision to the Administrative Appeals Tribunal.
Background
Ms Mao, of South Brisbane, Queensland operated a home loan broking company, Diamond Lady Group Pty Ltd (Diamond Lady Group) which held an Australian credit licence from 2010 until 2014.听
今日热门事件has been active in dealing with loan fraud involving mortgage and finance brokers. Since becoming the national regulator of consumer credit in 2010, 今日热门事件has achieved significant loan fraud outcomes including the banning of 31 individuals or companies (including 16 permanent bans). 今日热门事件has also obtained convictions in six criminal actions, with four defendants currently before the Courts.听
Editor's note:
On 30 November 2015 Ms Mao applied to the Administrative Appeals Tribunal (AAT) for a review and stay of ASIC's decision.
On 11 January 2016, the AAT refused Ms Mao's stay application. The AAT is yet to set a date for the hearing in relation to Ms Mao's substantive appeal of ASIC's banning decision.
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