ASIC bans Diamond Lady Group Queensland mortgage broker

ASIC bans Diamond Lady Group Queensland mortgage broker
Jonathan ChancellorNovember 10, 2015

ASIC has permanently banned a Queensland mortgage broker Jiangyong (Jenny) Mao from engaging in credit activities and providing financial services after an investigation found she created and submitted false documents in support of home loan applications for her clients.

ASIC said Mao "is not a fit and proper person" to engage in credit activities, and determined she was "not of good fame or character".

"The integrity of the home loan industry relies upon participants who are honest. ASIC will ban people who deliberately engage in fraudulent conduct," ASIC deputy chair Peter Kell said.

Mao has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.

Ms Mao, of South Brisbane, Queensland operated a home loan broking company, Diamond Lady Group Pty Ltd (Diamond Lady Group) which held an Australian credit licence from 2010 until 2014. 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
Tags:
Asic
Ban

Editor's Picks

Half of apartments snapped up in Setia's Atlas Melbourne skyscraper
Sherpa expands Palm Beach footprint with Flourish Ovana plans
TOGA’s Wicks Place brings Harris Farm to Marrickville
Bradmill Quarter: Bringing community and amenity to life in Yarraville
Orchard Piper secures $20m record-breaking penthouse sale at One Toorak Place