ASIC imposes permanent ban on broker

The Australian Securities and Investments Commission has used its powers under the National Credit Act to impose the first permanent ban on a finance broker.

ASIC said Yan Li, of Wolli Creek in Sydney, would not be eligible for an Australian Financial Services' licence as a result of his conviction for fraud offences committed in his role as a broker.

Li was charged with 26 offences and, in February, was found guilty of creating false and misleading income and employment details that were included in loan applications submitted to Suncorp Bank.

Li was the sole director of Amazon Funding and Realty Group. He has also been banned from participating in the management of a company for five years.

ASIC has cancelled Amazon Funding's registration under the Credit Act.