ASIC has permanently banned a Melbourne broker and cancelled his company's ACL.
The regulator announced it had issued a permanent ban to John Cilmi and cancelled the licence of his company, Northern Securities (Victoria) Pty Ltd.
ASIC said it made the decision to ban Cilmi after an investigation found he was reckless when he submitted false or misleading documents to secure three separate loan applications and "lacked an enquiring mind" in failing to be vigilant in his duties by submitting the false documents. It further alleged he failed to ensure that his company complied with its ACL conditions by not demonstrating the completion of a Cert IV and at least 20 PD hours for the years 2011 to 2014, ensuring the company kept records of all relevant client material and ensuring it maintained breach and training registers and had IDR procedures in place between December 2010 and February 2015. ASIC said Cilmi was also uncertain as to what was required of him as a key person on the credit licence and had little concept of compliance and training requirements for credit assistance providers.
"ASIC banned Mr Cilmi after finding that the management of his credit practice was severely wanting. This case demonstrates the significant penalties that can be imposed against those who demonstrate a lack of understanding and regard for compliance," ASIC deputy chair
Peter Kell said.
