ASIC bans a former finance business manager for seven years


ASIC bans

ASIC announced that has banned Christopher Robert Con Foo (also known as Christopher Robert Confoo) from engaging in credit activities and providing financial services for a period of seven years.

Mr Con Foo, a former finance business manager, arranged car finance and insurance for customers buying vehicles from South Yarra BMW, a car dealership operated by Bayford Group Pty Ltd.

ASIC found that in October 2015, Mr Con Foo forged letters in accountants’ names and provided those letters to BMW Australia Finance Ltd, in support of car finance applications for three of his customers.

The letters provided information about the customers’ income and intended use of the cars being purchased. In two instances, the customers were not clients of the accountants concerned and the letters were prepared without the knowledge of those accountants. In one instance, a genuine accountant’s letter was altered to falsify the customer’s business income without the knowledge of the accountant or customer.

ASIC Deputy Chair Peter Kell said:

Dishonest conduct exposes consumers and credit providers to financial risk. ASIC will not hesitate to take banning action to remove those engaging in misleading conduct from the industry.

Mr Con Foo has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal. ASIC’s investigation is ongoing.

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ASIC bans a former finance business manager for seven years

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