ASIC has permanently banned a former mortgage broker from providing financial services and engaging in any credit activities, following his conviction for defrauding seven clients involving more than $1.1 million.
Mark Booty, 41, formerly of Rockingham, Western Australia, was licensed by the WA Department of Commerce as a finance broker when the offences occurred between 2007 and 2009. He provided mortgage broking and financial advice to clients of this business.
Following an investigation by WA Police, a District Court of Western Australia jury found him guilty on eight counts of gaining a benefit by fraud. In April 2012 he was sentenced to five and a half years in prison with a non-parole period of three and a half years.
Booty set up an investment scheme into which seven clients invested money over an 18-month period that they had accessed by borrowing against their homes.
Rather than being invested and secured in the manner he had promised, Booty misappropriated the funds for his own purposes in his business and for personal expenses.
He became bankrupt in 2009 and the investors in his scheme lost their capital.
ASIC commissioner, Peter Kell, said the decision to permanently remove Booty from the financial services and credit industries was done to protect the public.
“While Mr Booty is currently in prison, it is important that he is prevented from working in the credit and finance industry in the future.”
Booty has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.