Australia: ASIC charges former APRA staffer for providing 'false documents' as credit union boss - - PressFrom - Australia
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Australia ASIC charges former APRA staffer for providing 'false documents' as credit union boss

05:25  03 december  2019
05:25  03 december  2019 Source:   abc.net.au

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Home Financial Services Charges ASIC charges former financial services responsible manager. Further documents submitted to ASIC in December 2014 and September 2015 also allegedly failed to ASIC ’s confidence in an applicant’s ability to provide licensed services efficiently, honestly and

The Australian Securities and Investments Commission ( ASIC ) is an independent Australian government body that acts as Australia's corporate regulator. ASIC 's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors .

a man and a woman smiling and posing for the camera: Lyndon Kingston was investigated by ASIC for more than a year. (Facebook: Anna Kingston)© Provided by ABC NEWS Lyndon Kingston was investigated by ASIC for more than a year. (Facebook: Anna Kingston) A former senior manager at the Australian Prudential Regulation Authority (APRA) has been hit with criminal charges, including allegedly providing the regulator with false documents while he was the chief executive of a credit union.

Brisbane man Lyndon Allen Kingston, who was recruited from the banking watchdog by Bananacoast Community Credit Union (BCU) but sacked as CEO in 2017, faces up to 10 years in prison if convicted.

Mr Kingston appeared in the Brisbane Magistrates Court last Friday, charged with making and using a false document with the intention of dishonestly inducing a public official to accept it as genuine.

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ASIC alleges that between 27 December 2012 and 1 March 2013, Mr Thompson completed 22 false client change of adviser forms and submitted them to MLC Ltd to transfer National ASIC has previously banned Mr Thompson from providing financial services and credit activities for seven years.

He is also accused of providing BCU false information and dishonestly using his position as a BCU director.

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NAB, CBA recommended for criminal charges in commission findings. Credit :AAP. NAB said it was considering the report and declined to comment. The evidence suggested that APRA was "reluctant to commence court proceeding and to take public enforcement action", pointing to its approach in

The charges of using false documents to obtain a financial advantage contrary to section 254 of the NSW Crimes Act 1900 each carry a maximum penalty of ten years imprisonment. This action is part of ASIC ’s Wealth Management Project. The Wealth Management Project was established in October

In a civil lawsuit last year, BCU accused its former boss of repeatedly evading APRA's queries about a contract with a company that paid him secret commissions, then doctoring paperwork to throw the regulator off the scent.

Mr Kingston had sued BCU for breach of contract and unpaid bonuses, but the lawsuit was settled out of court.

The Australian Securities and Investments Commission (ASIC), which investigated Mr Kingston for more than a year, is alleging the offences took place between December 2015 and August 2017.

Mr Kingston was previously a senior manager in APRA's specialised institutions division, where he supervised credit unions, including BCU, before it recruited him in 2008.

Under his leadership, BCU turned annual profits of up to $9 million and was named the top Australian credit union of 2016 by Money Magazine.

Mr Kingston was released on bail and is due to appear in court on February 14 next year.

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