Mr. Guodong Liu, a mortgage broker and director of Wealth Investment Milestone Pty Ltd (WIM), of Rhodes, New South Wales, has been charged with two counts of knowingly making a false statement in credit licence compliance certificates lodged with ASIC.
ASIC alleges in April 2016, Mr Liu had his lender accreditation with the ANZ bank suspended. ASIC also alleges that in January 2017 and December 2017, Mr Liu, as the fit and proper person on behalf of WIM, completed and submitted two credit licence annual compliance certificates to ASIC in which he falsely certified that none of WIM’s fit and proper people had accreditation cancelled or suspended by a lender.
The alleged offending is contrary to section 225(3) of the National Consumer Credit Protection Act 2009.
The matter has been adjourned to 4 February 2020 for further mention in the Downing Centre Local Court.
The Commonwealth Director of Public Prosecutions is prosecuting the matter following a referral from ASIC.
Background
WIM holds an Australian credit licence.
Credit licence holders are required to identify the people involved in the management of their credit businesses, known as fit and proper people. Mr Liu was WIM’s sole fit and proper person.
Credit licence holders are also required to annually lodge an Australian credit licence compliance certificate with ASIC, in which licensees are required to certify that they are complying with their credit licence obligations.
Editor's note:
On 4 February 2020 Mr Liu appeared in the Downing Centre Local Court in Sydney. A hearing has been set for 6 May 2020.
Editor's note 2:
The hearing set for 6 May 2020 has been vacated and adjourned to 2 September 2020 for mention only, when a new hearing date will be allocated.
Editor's note 3:
The hearing adjourned to 2 September 2020 has now been scheduled for 17 August 2020.
Editor's note 4:
The hearing set for 17 August 2020 was adjourned. The matter will return to court on 27 November 2020.
Editor's note 5:
The matter has been further adjourned until 23 July 2021.