ob体育 has banned Gold Coast director Darren Thomas Edden-Brown (also known as Darren Brown, Darren Edden Brown and Darren Thomas Brown), from providing financial services and engaging in credit activity for eight years. He is also banned from controlling, or performing any functions as an officer of, an entity that carries on a financial services business or engages in credit activities.
Mr Edden-Brown operated a business under the brand 鈥楨nigma鈥� which advertised on its website and social media, offering to help consumers to buy a home.
In conducting this business, ob体育 found that Mr Edden-Brown had:
- told consumers who did not meet the conditions for early release of super that they could access their super early to buy a home or pay personal debts; and
- assisted consumers who did not meet the conditions for early release to access their super early to repay personal debts.
Mr Edden-Brown is the sole director and shareholder of Edden Brown Holdings Pty Ltd (EBH), the corporate trustee for the Enigma Corporation Trust (Enigma Corporation) and the Equitibanx Australian Trust (Equitibanx). From 2019 to 2021, he was also a director and ultimate shareholder of licensees, Consolidated Mercantile Group Ltd (CMG), Wentworth Financial Services Pty Ltd (Wentworth) and Search Finance Pty Ltd (Search Finance).
ob体育 found that Mr Edden-Brown was responsible for representations on company websites, including that Enigma Corporation, Equitibanx and CMG were licenced or authorised to provide certain financial products and services, when they were not. Although ob体育 raised concerns about these statements with Mr Edden-Brown in December 2020, he failed to remove the statements until July 2021.
As a result of this conduct, ob体育 found Mr Edden-Brown is not fit and proper, and is not adequately trained or competent, to participate in the financial services and credit industries.
Mr Edden-Brown鈥檚 banning has been recorded on ob体育鈥檚 publicly available Banned and Disqualified persons register. He has the right to seek a review of ob体育鈥檚 decision at the Administrative Appeals Tribunal.
Background
In July 2022, ob体育 banned Albert Christen Walters, known as Chris Walters, CMG鈥檚 Responsible Manager for four years for failing to monitor and oversee CMG鈥檚 business and failing to address concerns raised by ob体育 (22-196MR). CMG voluntarily deregistered on 25 February 2023.
Wentworth Financial Services Pty Ltd applied to voluntarily cancel its AFS licence and it was cancelled on 8 November 2022.聽
Superannuation can only be if a condition of release is met. Illegal early release schemes expose consumers to significant penalties.