“Mr Fares admitted to creating false income verification documents and false letters of employment in support of six mortgage loan applications seeking loans totalling over $3 million during the period from December 2013 to March 2014,” ASIC said in a statement.

Among the false documents were six PAYG summaries, which contained false information about employment or income earned, ASIC said.

There were also 11 payslips, which had not been issued by the purported employer and which contained false ABNs or incorrect compulsory superannuation amounts, and three reference letters from purported employers.

“ASIC found that Mr Fares was not a fit and proper person to engage in credit activities,” the ASIC statement said.

ASIC commissioner Greg Tanzer said it is imperative that “consumers and other participants in the credit industry can rely on the honesty and integrity of persons who engage in credit activities”.