A finance manager who submitted false loan applications has just been permanently banned from engaging in credit activities and providing financial services.
Between July 2008 and June 2010, David St Pierre, a former Westpac Bank home finance manager was found to have submitted loan applications to Westpac for approval when he knew that they contained false information.
He also encouraged his customers to borrow funds from the bank in order to earn a financial advantage in the form of cash bonuses.
The 12 customers that the loan applications related to were elderly or vulnerable and with limited financial means.
The subsequent ASIC investigation determined that the Queensland man was not of good fame or character, making him unsuitable to provide financial services.
ASIC Commissioner Peter Kell said St Pierre’s misconduct was very serious.
“ASIC will ban people from the finance industry who act dishonestly and place personal interests ahead of those they service. Mr St Pierre's actions exposed vulnerable members of the community to severe financial loss and hardship,” he said.
St Pierre has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.