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Investors are urged to be mindful after a Victorian mortgage broker was found to have acted dishonestly in providing false credentials to the corporate watchdog.
Ding (Tim) Yang, director of Advanced Choice Finance (ACF), has been banned from engaging in credit activities for four years after ASIC found that he was not a fit and proper person to continue doing so. In addition, ASIC has cancelled the Australian credit licence of ACF.
The ban and licence cancellation came after Mr Yang’s accreditation as an approved broker with the Bank of Melbourne was terminated. In April 2016, Advanced Choice and Mr Yang’s membership with aggregator Connective were also terminated, according to an ASIC statement.
“Mr Yang was required, in annual compliance certificates lodged with ASIC, to notify ASIC of those terminations,” the corporate watchdog said.
“ASIC found that Mr Yang had acted dishonestly in providing false answers to ASIC in the compliance certificates for ACF in January 2013 and again in January 2017.
“As a result, ASIC found that Mr Yang was not a fit and proper person to engage in credit activities.”
Commenting on the ban, ASIC commissioner Sean Hughes noted the importance of disclosures.
“Disclosures in our annual compliance certificates are an important mechanism by which ASIC is alerted to potential issues with licensees,” Mr Hughes said.
“Providing ASIC with false information prevents ASIC from properly administering the regulatory scheme for credit licensees.
“ASIC will look to remove anyone from the credit industry who acts dishonestly in discharging this obligation.”