ASIC permanently bans Victorian finance broker

Rudy Noel Frugtniet, a former director of Unique Mortgage Services Pty Ltd and Victorian finance broker operating under MortgageandMigration.com.au, has been banned by ASIC from engaging in credit activities.

It was found he’d provided misleading information and a lack of full disclosure on an application for a credit licence.

His lack of disclosure and misleading answers were given in relation to questions for the business’ application for a credit licence, and he had been the former person responsible for the licence for his practice, which is based in Melbourne.

He also had an adverse disciplinary history, including involvement in the breach of the company’s travel agent’s licence.

He’s also made a false declaration to the Migration Agents Registration Authority, had two rejected applications to be admitted as a solicitor, made a false statement on Newstart allowance application forms, misrepresented himself as a lawyer with standing to appear in court, had his conveyancing licence cancelled and made a false or misleading declaration to the Tax Practitioners Board.

ASIC decided that his conduct was incompatible with the qualities required of someone allowed to engage in credit activities – that is, good character, honesty, integrity and judgement.

Deputy chairman for ASIC, Peter Kell, said that they would remove quickly to remove people like this from the industry.

“Those who deliberately provide misleading information in their credit applications simply should not be in the industry,” he said.

Frugtniet has the right to appeal.

This article first appeared on Property Observer.