A former Westpac banker has been banned from engaging in credit activities after giving false documents to help clients obtain home loans.
An Australian Securities and Investments Commission (ASIC) found that Marten Pudun of Glenwood, NSW knowingly or recklessly gave the documents and false information to Westpac in relation to 24 loans.
The former relationship manager was found to have helped in creating false supporting documents including payslips, employment letters and rental estimate letters; or accepted documents he knew were false; or was reckless in not investigating whether they were false.
In one instance, Pudun requested that the employment positions on customers’ employment letters and payslips be changed from director to marketing manager and IT programmer.
Pudun said in an email that he did not want the “deal to stuff up” and if the customers were referred to as directors, Westpac may ask for tax returns.
Pudun also asked third parties to create false letters in support of loan applications, which contained weekly rental estimates for various properties.
In other instances, Pudun provided example documents to customers so that they could create false documents to support their loan applications.
Pudun also breached Westpac policy in sharing personal client information including internet and telephone banking passwords, customer account opening forms, transaction histories and identification documents with external third parties.
ASIC found that Pudun was repeatedly dishonest in his dealings with his customers, Westpac and external third parties. Therefore, he is not a fit and proper person to engage in credit activities.
ASIC’s investigation is continuing.
Pudun has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.
