ASIC permanently bans Victorian finance broker 

Australian Securities and Investments Commission (ASIC) has permanently banned Mr Rudy Noel Frugtniet, a former Victorian finance broker, from engaging in credit activities after it was found he provided misleading information and a lack of full disclosure on a credit licence application.

Mr Frugtniet is a former director of Unique Mortgage Services Pty Ltd (UMS) and was formerly the responsible manager, fit and proper person and key person for UMS’ Australian credit licence.

Mr Frugtniet was banned after ASIC found he was not a fit and proper person to engage in credit activities.

ASIC’s decision was based on Mr Frugtniet’s lack of full disclosure and misleading answers given in relation to questions on UMS’ application for a credit licence, as well as Mr Frugtniet’s adverse disciplinary history, which included his:

• involvement in the breach of a company’s travel agent’s licence
• making of a false declaration to the Migration Agents Registration Authority
• two rejected applications to be admitted as a solicitor
• making of false statements on Newstart allowance application forms
• misrepresenting himself as a lawyer with standing to appear in court
• conveyancing licence being cancelled, and
• making of a false or misleading declaration to the Tax Practitioners Board.

ASIC found that Mr Frugtniet’s conduct is incompatible with the good character, honesty, integrity and judgement required of a person permitted to engage in credit activities.

Deputy Chairman Peter Kell said, ‘Those who deliberately provide misleading information in their credit applications simply should not be in the industry.

‘Where we come across instances like this, ASIC will act quickly to ensure they are removed from the industry.’

ASIC’s investigations in relation to this matter are ongoing.

Mr Frugtniet has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

 

Source: ASIC

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