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ASIC permanently bans Victorian finance broker

by Martha.Ware 5. July 2011 12:16

ASIC has permanently banned a Victorian finance broker from engaging in credit activities after being convicted of serious fraud offences.

Ms Kristy Ann Lake, of Kew East, Victoria, was a former director and secretary of Clearwater Financial Systems Pty Ltd, and both she and the company had registered to engage in credit activities.

In March 2011, Ms Lake pleaded guilty in the Melbourne Magistrates Court to two charges of obtaining property by deception in breach of s 81 of the Crimes Act 1958 (Vic).

In May and July 2008, Ms Lake submitted loan applications to two financial institutions, falsely using another person’s name. Each of the applications was successful, resulting in Ms Lake obtaining a loan of $12,655 on the first occasion and $13,149 on the second occasion.

In late 2010 the frauds were discovered when the loan providers contacted the person in whose name the loans were, after Ms Lake had stopped making repayments. The matter was then reported to Victoria Police and ASIC.

Following Ms Lake’s guilty plea to the fraud charges, ASIC started the banning process.

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


ASIC | Offences - finance


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