ASIC has permanently banned mortgage broker Domenico (Domenic) Schiafone from engaging in credit activities and from providing any financial services. ASIC has also cancelled the credit licence of Erahon Pty Ltd (Australian Credit Licence no. 442303).

Mr Schiafone was the sole director of Erahon Pty Ltd, which formerly operated a finance brokerage business that traded as Ora Lending Solutions.

ASIC found that between May 2018 and March 2020, Mr Schiafone was knowingly or recklessly involved in the provision of false payslips and bank statements to five banks to support 11 home loan applications lodged on behalf of his customers.

Mr Schiafone has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

Background

Erahon operated as ORA Lending Solutions between 16 September 2011 and 22 October 2020.