Finance broker gets permanent ban
THE securities watchdog has permanently banned a Brisbane-based finance broker from operating a credit business after accusing him of providing a fake letter to a client.
The Australian Securities and Investments Commission said Jeffry Leonard Gordon knowingly or recklessly gave a false letter to a client stating that the client had formally been approved for a home loan with St George.
At the time, there was no home loan application lodged on the client’s behalf with St George.
ASIC also found that Mr Gordon failed to comply with his obligations under the National Credit Act to lodge an annual compliance certificate and maintain a trust fund.
ASIC said Mr Gordon had the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. Mr Gordon had held an Australian credit licence since October 2011. ASIC cancelled that licence in May as a result of Mr Gordon ceasing to operate his credit business in early 2019.