Mr Shiwei He, of Padstow NSW, has been charged with making a false statement in a credit licence annual compliance certificate lodged with ASIC.
Mr He, a director of N V I Lending Pty Ltd, lodged a credit licence annual compliance certificate with ASIC in February 2019.
ASIC alleges that Mr He certified that none of the fit and proper people under his Australian credit licence had had their accreditation suspended or cancelled by a lender or their membership with an aggregator terminated.
ASIC alleges Mr He’s accreditations with the Commonwealth Bank, ANZ, NAB, Suncorp and Westpac were suspended or cancelled between 2016 and 2018.
ASIC further alleges that Mr He, who was accredited to act as an introducer for the Loankit broker aggregator service, also had his introducer agreement terminated by Loankit in 2018.
ASIC alleges that the false statement submitted to ASIC is a breach of the National Consumer Credit Protection Act. Mr He faces a maximum penalty of 12 months imprisonment or a $12,600 penalty if found guilty.
ASIC considers that true and accurate compliance reporting is a critical obligation for credit licensees and ensures that consumers retain confidence in their credit service providers.
The matter has been listed for a reply to service of the brief before the Downing Centre Local Court on 2 November 2021.
The Commonwealth Director of Public Prosecutions is prosecuting the matter after a referral from ASIC.
Australian credit licence holders are required to identify the people involved in the management of their credit businesses, known as fit and proper people. To maintain a credit licence, holders must also lodge an annual compliance certificate with ASIC.