The Australian Securities and Investments Commission has banned former Westpac Banking Corp
(ASX:WBC) home finance manager David St Pierre, after it found he sold mortgages to ''elderly or vulnerable'' customers. Mr St Pierre has been permanently banned from working in financial services by the corporate regulator.
ASIC found that between 2008 and 2010, Mr St Pierre received cash bonuses after encouraging elderly vulnerable customers to take out loans with the bank to invest in a scheme that ultimately collapsed. It also found he submitted loan applications containing false information.
A Westpac spokesman said Mr St Pierre no longer worked at the bank and Westpac had settled most of the claims from Mr St Pierre's customers, and was still in talks with some borrowers.
In the 2013 financial year, Westpac Banking reported a net profit of 6.9 billion.
