ASIC has permanently banned Daniel Kenneth Wilson from engaging in credit activities. Wilson wrote and submitted loans for customers buying vehicles from Combined Motor Traders, a Cranbourne used-car dealership, between 2013 and 2014.
ASIC found that five of the loans submitted by Wilson and approved by Esanda, a division of
ANZ, contained false information relating to income verification and employment status.
In banning Wilson, ASIC also took into consideration his adverse criminal record, which included convictions for theft and possessing counterfeit money.
"ASIC will not hesitate to remove those from the industry who think that submitting false information to lenders is an acceptable practice" said ASIC deputy chairman
Peter Kell.
"Lenders need to ensure they have proper procedures in place to supervise those submitting loan applications. If commissions are driving fraudulent applications, change needs to occur."
ASIC's investigations in this matter are ongoing.
Wilson has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.
