Banned Broker Says Lenders Should be Accountable
A banned Sydney broker has rejected fraud allegations levelled at him by the Australian Securities and Investments Commission (ASIC). Athol Halvorsen has been banned by ASIC for six years, and it has also cancelled the credit licence of Gearing.com, where he is a senior manager. ASIC claimed Halvorsen submitted nine loan applications to St George and Perpetual that contained false and misleading statements regarding the borrowers’ income and employment.
But Halvorsen claims the borrowers signed documents confirming the information they provided was “true and correct”, which was accepted by the banks. He said the financial planner he and his clients had relied on -- who has also been banned -- had been responsible for the clients’ losses. Halvorsen said he had fulfilled his role as a mortgage broker and was not acting as a financial planner. He claimed mortgage brokers were being used as scapegoats and the lenders should be held accountable for their role.