Former Victorian finance broker Rudy Noel Frugtniet’s appeal against his permanent banning from engaging in credit activities has been dismissed by the Federal Court of Australia.
ASIC permanently banned Mr Frugtniet, a former director of Unique Mortgage Services Pty Ltd (UMS), in July 2014 after it was found he provided misleading information and a lack of full disclosure on a credit licence application.
Mr Frugtniet appealed ASIC’s decision to the Administrative Appeals Tribunal (AAT) in July 2014. On 6 March 2015, the AAT upheld ASIC’s decision to permanently ban Mr Frugtniet from engaging in credit activities owing to his ‘dishonest conduct over a prolonged period; his failure to show any real awareness of the nature, extent and significance of that conduct; and a demonstrated disregard for compliance with regulatory requirements’.
Mr Frugtniet filed an application in the Federal Court for a review of the AAT’s decision on 8 April 2015. A hearing was held on 3 December 2015, where Mr Frugtniet represented himself.
ASIC Deputy Chairman Peter Kell
Deputy Chairman Peter Kell said:
This decision highlights the duty of full disclosure of those wanting to engage in credit activities. ASIC will take all necessary steps to ensure those who engage in credit activities do so efficiently, honestly and fairly.’