ASIC has banned former NSW mortgage broker Guodong Liu, also known as Louis Liu, from engaging in any credit activities, performing any function involved in engaging in credit activities, or controlling another person who engages in credit activities, for seven years, after he made false statements to ASIC.
Between November 2016 and December 2017, Mr Liu, a director of mortgage brokerage businesses Wealth Investment Milestone Pty Ltd and Aus Mortgage Pty Ltd, lodged two annual credit compliance certificates and an Australian credit licence application with ASIC.
Mr Liu knowingly made false statements in these three documents (20-306MR).
Mr Liu also made a false statement directly to an ASIC staff member in connection with the credit licence application.
In banning Mr Liu, ASIC found that he was not a fit and proper person to engage in credit activities.
ASIC found that Mr Liu’s actions showed a lack of honesty, integrity and judgement, and that his failure to tell the truth about why he needed a new credit licence suggested a significant degree of deceit.
Mr Liu’s banning has been recorded on ASIC’s publicly available Banned and Disqualified persons register.
Mr Liu has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.
On 27 November 2020, Mr Liu was convicted in the Downing Centre Local Court of knowingly making false statements in the documents mentioned above (20-306MR).
On 29 July 2021, the District Court overturned Mr Liu’s conviction and sentence but found him guilty of the offences and placed him on a two-year good behaviour bond (21-211MR).