Former manager of NAB’s Lakemba branch banned by ASIC
THE former manager of the NAB branch at Lakemba, Mathew Alwan, has been permanently banned by the Australian Securities & Investments Commission (ASIC) from engaging in credit activities and providing financial services.
The Express
Don't miss out on the headlines from The Express. Followed categories will be added to My News.
THE former manager of the NAB branch at Lakemba, Mathew Alwan, has been permanently banned by the Australian Securities & Investments Commission (ASIC) from engaging in credit activities and providing financial services.
The commission said the ban is the result of an extensive investigation in respect of NAB employees in greater western Sydney, who were accepting false documents in support of loan applications and falsely attributing loans as having been referred by NAB introducers in order to obtain commissions.
“This conduct was the subject of the first case study before the Financial Services Royal Commission,” ASIC said in a statement.
NAB welcomed ASIC’s decision to ban Mr Alwan, with a spokeswoman saying he was terminated from his employment in November 2015.
“Mr Alwan was employed as a branch manager by NAB from 2013 until 2015 when he was dismissed by NAB and referred to the appropriate authorities,” she said.
According to the ASIC investigation, from 2012 to 2015, Mr Alwan assigned 101 home loans as being referred to NAB by an introducer, causing a total of $186,725 to be paid to the introducer by way of commission.
“In 25 of these loan applications, Mr Alwan had knowingly given NAB false or misleading information and documentation,” ASIC said in its statement.
“The introducer in question is Mr Alwan’s relative, a fact he did not disclose to NAB and actively concealed from the bank when questioned.
“ASIC found that Mr Alwan’s conduct was dishonest, deliberate and repeated.
“ASIC also found Mr Alwan personally lent money to a NAB staff member who reported to him and to a NAB customer while loan applications by each of them were pending approval, creating an unacceptable conflict of interest.
“Mr Alwan has the right to lodge an application for review of ASIC’s decisions with the Administrative Appeals Tribunal.”
The ASIC investigation is ongoing.