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Australia : ASIC bans former mortgage broker for nine years

September 4, 2014



ASIC has banned Mr David James Cacciola, of the Gold Coast, Queensland, from engaging in credit activities for nine years following an ASIC investigation.

Mr Cacciola is the sole director of Lending Services Australia Pty Ltd (LSA), which operated as a mortgage broker. LSA was authorised to engage in credit activities before it cancelled its Australian credit licence with ASIC on 14 April 2013.

ASIC's investigation found Mr Cacciola, acting in his capacity as a broker of LSA, gave information and documents to the lenders, knowing or reckless as to whether the information and documents were false or misleading.

ASIC found that from July 2011 to October 2011, Mr Cacciola assisted his wife to apply for two separate loans worth more than $600,000.

Deputy Chairman Peter Kell said, 'This is the latest in a series of actions that ASIC has taken as part of a crackdown on loan fraud. Mortgage brokers who knowingly or recklessly submit false loan documents will be held to account'.

Mr Cacciola has the right to appeal to the Administrative Appeals Tribunal for review of ASIC s decision.


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Source: TendersInfo (India)


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