media release (17-244MR)

Variation to financial services and credit bannings of Jianyong (Jenny) Mao

Published

The Administrative Appeals Tribunal (AAT) has approved an agreement reached between ASIC and Jianyong (Jenny) Mao, of Queensland, to ban her from providing financial services and engaging in credit activity.

ASIC had originally permanently banned Ms Mao from providing financial services and from engaging in credit activity after an ASIC investigation found she had created and submitted false documents to support home loan applications for her clients (refer: 15-327MR).

Following an application for review by Ms Mao to the AAT in November 2015, ASIC and Ms Mao reached an agreement to reduce the term of both bannings to 10 years each, commencing on 23 October 2015 and ceasing on 22 October 2025. This agreement was approved by the AAT on 12 July 2017.

Background

Ms Mao, of South Brisbane, Queensland operated a home loan broking company, Diamond Lady Group Pty Ltd (Diamond Lady Group) which held an Australian credit licence from 2010 until 2014.

Media enquiries: Contact ASIC Media Unit