Asic bans Perth mortgage broker

The Australian Securities and Investments Commission has permanently banned a former Perth-based finance broker after finding he had engaged in misleading conduct.

Asic said Paul Cheaib had provided false income supporting documents to Westpac in support of home loan applications for three of his clients last year.

Only one of those applications was approved.

Mr Cheaib was operating his own finance broking business, which traded as Active Approvals.

His credit licence was cancelled in April.

Asic deputy chairman Peter Kell said the banning reinforced the strong message to any broker considering engaging in misleading conduct.

“Asic will not hesitate to permanently remove those who engage in misleading conduct from the industry,” he said.