FIs closed: Australian Lending & Finance Corporation Pty Ltd, Australia
ASIC has cancelled the Australian credit licence issued to Australian Lending & Finance Corporation Pty Ltd.
The grounds for cancellation are that the application by
Australian Lending & Finance Corporation Pty Ltd. was false or misleading.
Under the National Consumer Credit Protection Act 2009, the licence application process requires corporations to nominate a responsible person for the purpose of determining whether the corporation is competent to engage in credit activities. The responsible person nominated in ALFC’s licence application was ‘John Frederick Kennedy’, which was in fact an alias used by Mr Moshe Yair Mordechai.
ALFC’s credit licence application stated that ‘Mr Kennedy’ had not within the last 10 years:
- been convicted of a criminal offence;
- been insolvent; or
- been known by any other name.
ASIC determined that the above statements were false.
In particular, Mordechai had been convicted in 2007 and 2008 of numerous fraud offences, including possessing and using false credit and debit cards and false identification documents. He had also been declared bankrupt in 2006 under the alias ‘Jamal Almostafa’.
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