ASIC bans former Westpac bank home finance manager in relation to false loan applications
ASIC, the Australian securities and Investment Commission, has permanently banned Mr David St Pierre, a former Westpac Bank Home Finance Manager from engaging in credit activities and providing financial services.
Mr St Pierre, of Mt Nathan, Queensland, was a Home Finance Manager for Westpac Bank between September 2000 and April 2011.
An ASIC investigation found that between July 2008 and June 2010, Mr St Pierre:
submitted loan applications to Westpac for approval when he knew that they contained false information and that they were supported by false documents
failed to prepare an authority that accurately identified the payee of a cheque with the result that a customer cheque for $215,000 was paid into the personal trading account of a non-office holder of Capital Growth International Club Pty Ltd (CGIC), and
enabled and encouraged customers to borrow funds from Westpac and earned a financial advantage in the form of cash bonuses on the loans, in addition to his base salary, despite knowing that they were elderly, a pensioner, a carer or suffering from a disability, and would not be able to repay the loan if the scheme failed.
ASIC has determined that Mr St Pierre is not a fit and proper person to engage in credit activities and is not of good fame or character, making him an unsuitable person to provide financial services.
For more details on the press release visit ASIC
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