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A Victorian mortgage broker received a ban from ASIC after the industry regulator deemed him unfit to engage in credit activities.
Koresh Daniel Houghton, of Endeavour Hills, was barred from being a mortgage broker and had his Australian credit license cancelled as of March, 2018.
The decision came six months after ASIC found Houghton had engaged in misleading, deceptive and dishonest conduct when providing financial services.
According to the commission, Houghton created false documents, submitted insurance application forms with incorrect information, failed to make reasonable enquires into clients’ individual circumstances and failed to conduct reasonable investigations into financial products that might achieve the objectives of the clients.
Houghton was also banned from providing financial services as a result of the transgressions. He did, however, have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Updated: Mr Houghton was subsequently licensed to provide financial services and engage in credit activities from September 24, 2023.
