Broker News

Perth broker permanently banned

Former Perth-based finance broker Paul Cheaib has been permanently banned from engaging in credit activities.

An ASIC investigation revealed Cheaib provided false income documents to Westpac in support of three home loan applications – one of which was approved.

The conduct occurred in 2015 when Cheaib was operating a financing broking business, through his own credit licence, trading as Active Approvals.

ASIC said Cheaib’s credit licence was cancelled in April 2016 at his request.

“ASIC will not hesitate to permanently remove those who engage in misleading conduct from the industry,” says ASIC deputy chair, Peter Kell.

The corporate regulator highlights that since taking over consumer credit regulation in July 2010, it has banned, suspended or placed conditions of the licence of 77 individuals or companies from providing credit services (including 33 permanent bans).

“ASIC has also brought criminal prosecutions against 14 credit service providers; with 12 having been convicted of fraud or dishonesty offences relating to the provision of false and misleading information/documents to lenders in client loan applications.”

Published on: Wednesday, December 07, 2016

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