Finance Broker Charged with Making False Statements to ASIC

ASIC - finance brokerFinance broker charged with making false statements to ASIC. Mr. Guodong Liu, a mortgage broker and director of Wealth Investment Milestone Pty Ltd (WIM), of Rhodes, New South Wales, has been charged with two counts of knowingly making a false statement in credit licence compliance certificates lodged with ASIC

ASIC alleges in April 2016, Mr Liu had his lender accreditation with the ANZ bank suspended. ASIC also alleges that in January 2017 and December 2017, Mr Liu, as the fit and proper person on behalf of WIM, completed and submitted two credit licence annual compliance certificates to ASIC in which he falsely certified that none of WIM’s fit and proper people had accreditation cancelled or suspended by a lender.

The alleged offending is contrary to section 225(3) of the National Consumer Credit Protection Act 2009.

The matter has been adjourned to 4 February 2020 for further mention in the Downing Centre Local Court.

The Commonwealth Director of Public Prosecutions is prosecuting the matter following a referral from ASIC.