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ASIC bans former NSW dealer for seven years

The Australian Securities and Investments Fee has banned former NSW mortgage dealer Guodong Liu for seven years after he was discovered to have made false statements to ASIC.

Liu, also called Louis Liu, has been banned from participating in any credit score actions, performing any perform concerned in participating in credit score actions, or controlling one other one that engages in credit score actions.

Between November 2016 and December 2017, Liu who was a director of mortgage brokerage companies Wealth Funding Milestone Pty Ltd and Aus Mortgage Pty Ltd, lodged two annual credit score compliance certificates and an Australian credit score licence utility with ASIC.

Liu knowingly made false statements in these three paperwork.

Learn extra: Adelaide mortgage dealer completely banned by ASIC

Liu additionally made a false assertion on to an ASIC employees member in reference to the credit score licence utility.

In banning Liu, ASIC discovered that he was not a match and correct particular person to have interaction in credit score actions.

ASIC discovered that Liu’s actions confirmed an absence of honesty, integrity and judgement and that his failure to inform the reality about why he wanted a brand new credit score licence advised a major diploma of deceit.

Liu’s banning has been recorded on ASIC’s publicly accessible Banned and Disqualified individuals register.

Learn extra: ASIC empowers banks to guard victims of household violence

Liu now has the proper to hunt a evaluate of ASIC’s choice on the Administrative Appeals Tribunal.

On November 27, 2020, Liu was convicted within the Downing Centre Native Courtroom of knowingly making false statements and on July 29, 2021, the District Courtroom overturned Liu’s conviction and sentence however discovered him responsible of the offences and positioned him on a two-year good behaviour bond.



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