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BFCSA: ASIC nail a Broker but fail to investigate the LENDER who processed the fraud and approved the loans

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Well Whoooppeeee Doooo  ASIC nails a Broker but fails to ping the LENDERS.......................WHAT ABOUT THE LENDER PETE?????

BREAKING: Melbourne broker hit with five-year ban

    Breaking News: ASIC "getting tuff"
by Adam Smith | 07 Nov 2013

ASIC has issued a five-year ban to a Melbourne broker and cancelled the licence of his business.

The regulator has announced it has handed a five-year ban to Tony Quach following an investigation. ASIC alleged Quach, through his company TQ Smartchoice Pty Ltd, submitted six home loan applications to two lenders that contained false or misleading information.

ASIC said Quach had obtained information and documents from a source other than the home loan applicants, and had failed to verify the information with the applicants.

"ASIC takes allegations of loan fraud very seriously. We will continue to remove from the industry those involved in misleading loan applications." ASIC Deputy Chairman Peter Kell said.

The watchdog also cancelled the ACL of TQ Smartchoice Pty Ltd.

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  • doyla66
    doyla66 Thursday, 07 November 2013

    Well Whoopdee Doo. If this is not a set up I will eat my hat. How very convenient that ASIC are looking tough nailing the Broker just before the Senate enquiry. This is so pointed that it is laughable. Better look into the Lender ASIC. After all the Broker is paid by the Lender, is trained by the Lender, has tools supplied by the Lender and we all know what that is and has an ongoing pay for the life of the loan.!!!! plus cruises, holidays etc for being such a good boy. What ASIC are saying is that the Lender has no input whatsoever and the Lender does not have to have any input. The Broker is the trusted employee of the Lender and his just waves a magic wand and the Lender jumps to and doles out the loot. No ifs or buts is that right.!!!!! My God, the Lenders are a pack of hypocritical drongos if they think we believe that. Overpaid Thieves. In it up to their ears!!!!!

  • doyla66
    doyla66 Thursday, 07 November 2013


    What rot Peter Kell, taking fraud seriously ? Are you joking ? You have not lifted a finger to help thousands of consumers bitten by fraud from lenders for years and all of a sudden you ping a broker who has been taught by the lenders of how to go about it to get a loan approved. You come out with this crap just in time for the senate inquiry how convenient, another stat. for the records. You are nothing short of a parasite, go after the lenders you idiot they are the ones telling brokers what to do, so theirs no point of going after the little fish you need the big ones, the lenders. Blind Freddie can see that!!!

  • doyla66
    doyla66 Thursday, 07 November 2013

    The Time Has Come To Start To Put These Banksters In Jail

    Enough of the BS that is coming out of ASIC's Propaganda Machine, the plain reality is that ASIC and the Australian Federal Police haven't been doing their jobs and neither has our Governments, the Banks have been getting away with Murder (as they say), even if ASIC where to discover there real calling and meaning within Australian Society that still wouldn't be good enough.

    If all we are going to see out of all of this is the same old thing of some fines and some slaps on the wrists, then that is going to be totally unacceptable in my opinion and I am sure many other peoples eyes as well.

    Before the end play of the exposure of Fraud and Corruption that has been going on for Decades, the Australian People should be leading the charge Globally to put the Board Members of the Banks and Bank Executives in Jail doing HARD TIME with HARD LABOR for a Very Long Time...!!!,

    Without a complete paradigm shift in the way both the Financial Institutions operate and the way we SENTENCE Perpetrators, the Global Consequences could be disastrous and if you keep doing the same things the same way, you just keep getting the exactly same results and inevitably it will be catastrophic...!!!

  • doyla66
    doyla66 Thursday, 07 November 2013

    More minnow, Pete? - Like shooting fish in a barrel! Not impressed

    All this hoopla over 6 loans and two lenders by one broker!?
    How many work hours did that piece of magic take, ASIC? ie. what did that atomic turning around of fraud in the Financial Services Industry cost the taxpayer?
    Getting tough on fraud? On the basis of one case? ASIC must think the Senators are pretty stupid if they would be impressed by that small sign of effort!
    Meanwhile the norm with ASIC is fraud allegations and whistle blower information is dutifully harvested, only to sit on the shelves for years and years unless someone finds a way to get ASIC from chair to real action!
    What about the hundreds of evidenced fraud allegations sent to ASIC and denied?
    Oh, I get it. If a Broker does it, ASIC can call it fraud.
    If a Bank does it, they call it something else: unconscionable lending, maladministration ....
    We are waiting with great anticipation to find out what ASIC under questioning call multiply altered documents for the purpose of financial gain by a Bank or lender plus their efforts to jigger the affordability calculators under the lack of ASIC supervision!

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