ASIC has made an order permanently banning former credit representative Emmanuel Adu of Schofields NSW from engaging in credit activities.
When applying to become a credit representative of a credit licensee, Mr Adu was required to submit Australian Federal Police certificates. Australian Federal Police certificates record a person's criminal history. On two separate occasions, Mr Adu altered the certificates to remove his previous criminal history.
The Australian Federal Police investigated the matter and, on 26 November 2024, Mr Adu was convicted of two offences contrary to s145.4(1) of the Criminal Code Act 1995 (Cth), being the falsification of documents.
In considering the matter, ASIC found that Mr Adu made false representations in employment applications for the credit industry.
The ban prevents Mr Adu from:
- engaging in any credit activities
- controlling, whether alone or with one or more other entities, another person who
- engages in credit activities, and
- performing any function involved in the engaging in of credit activities.
The banning took effect from 1 July 2025.
Mr Adu's banning has been recorded on ASIC's banned and disqualified register.
Background
Sections 80 and 81 of the National Consumer Credit Protection Act 2009 (Cth) gives ASIC the power to make orders banning a person from participating in the credit industry if the person has been convicted of a fraud offence.
Mr Adu has been convicted of offences involving fraud or dishonesty, and therefore ASIC's power to make a banning order under the above provision has been enlivened.
