Wayne Ormond is an Australian businessman. He was the founder of a mortgage brokering service which was prosecuted by the Australian Competition & Consumer Commission and later went into administration.
Wayne Ormond | |
|---|---|
 | |
| Born | 15 July 1973[citation needed] |
| Nationality | Australian |
| Known for | Founder of Refund Home Loans |
Career
editOrmond established Refund Home Loans in 2004.[1] In 2009 and 2010, the company was mentioned in Australia's Business Review Weekly magazine including Fast Franchise,[2] Fast Starters[3] and he was included in the "Young Rich List" which features the top 100 wealthiest under 40s; in 2009 Ormond was listed at number 74.[4]
In October 2009, the Australian Competition & Consumer Commission ("ACCC") commenced proceedings against Refund Home Loans and Ormond over accusations they breached the Trade Practices Act 1974.[5]
In 2010, Refund Home Loans and Wayne Ormond admitted to making false and misleading statements about a non-existent agreement with the ACCC and the court ordered injunctions restraining such misrepresentations in future, issuing of corrective statements and a mandatory implementation of a compliance program including specific training for Mr. Ormond.[6]
In October 2011, the company went into voluntary administration, and was acquired the following year.[7] The shell of the former company was placed into liquidation a month later with debts of over AUS$20 million according to the liquidator.[8]
References
edit- ^ "Consumers rate a mention in mortgage broker review - News". Sydney Morning Herald. May 29, 2004. Retrieved February 15, 2012.
- ^ "Refund Home Loan's, Wayne Ormond, Highly Commented At Entrepreneur Awards". Franchisebuzz.com.au. Retrieved February 15, 2012.
- ^ "Fast Franchise 2010". Brw.com.au. Retrieved February 15, 2012.
- ^ "Ormond hits BRW's Young Rich list - International Business Times". Au.ibtimes.com. October 15, 2009. Retrieved February 15, 2012.
- ^ "Refund decision stuns industry". October 13, 2011.
- ^ Refund Home Loans and Wayne Ormond admit false and misleading statements
- ^ Homeloans Snaps up Floundering Lender
- ^ Liquidator the big winner in $20m Refund Home Loans collapse