The corporate watchdog has kicked former designer handbag and fashion accessories retailer Con Patniotis out of the credit industry after investigating his activities as a mortgage finance broker.
The Australian Securities and Investments Commission said Mr Patniotis had failed to comply with numerous credit laws between 2008 and 2010 when he was engaged by various licensed brokers to carry out mortgage finance broking.
Mr Patniotis, whose family company last decade operated the Gherardini store in Claremont, had allegedly been linked to short term loans at high interest rates.
ASIC said the 54-year-old businessman had facilitated loans to borrowers who he knew were poor credit risks, failed to keep proper records and misused lender funds.
It also found he engaged in mortgage and finance broking activity while not licensed to do so and failed to maintain a trust account.
He also deposited lender and borrower funds into his personal bank account, ASIC said. It ruled he was not a fit and proper person to engage in credit activities.
ASIC commissioner Peter Kell said people who deliberately flouted credit laws would be caught and removed from the industry.
Mr Patniotis, who can appeal, could not be contacted.Until yesterday, he was listed as an authorised representative of a National Australia Bank subsidiary BLSSA Pty Ltd, whose licence is used by an array of brokers. He is shown as joining BLSSA in 2011 and as operating under another licence in 2010.
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