ASIC has permanently banned Jeffry Leonard Gordon, a Brisbane-based finance broker from engaging in credit activities.
An ASIC investigation found that Mr Gordon knowingly or recklessly gave a false letter to a client stating that they had formally been approved for a home loan with St George. At the time, there was no home loan application lodged on the client’s behalf with St George.
ASIC also found that Mr Gordon failed to comply with his obligations under the National Credit Act by failing to:
- give effect to a determination made by the Australian Financial Complaints Authority (AFCA, formerly known as the Credit and Investment Ombudsman), that required Mr Gordon to pay an amount to the complainants;
- lodge an annual compliance certificate;
- maintain a trust account; and
- comply with a condition of his licence, by not notifying ASIC of a change in an approved external dispute resolution scheme.
Mr Gordon’s permanent banning is effective from 29 July 2020.
The banning will be recorded on ASIC’s publicly available Banned and Disqualified Persons Register.
Mr Gordon has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
ASIC commenced its investigation following a notification of dishonest conduct by AFCA.
Mr Gordon held Australian Credit Licence (ACL) 412055 since 13 October 2011 and was the sole responsible manager under the ACL from 13 October 2011.
ASIC also cancelled Mr Gordon’s ACL on 28 May 2020, as a result of Mr Gordon ceasing to operate his credit business in early 2019.