Wayne Ormond | |
|---|---|
 | |
| Born | 15 July 1973[ citation needed ] |
| Nationality | Australian |
| Known for | Founder of Refund Home Loans |
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.
Ormond 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]
The Australian Competition and Consumer Commission (ACCC) is the chief competition regulator of the Government of Australia, located within the Department of the Treasury. It was established in 1995 with the amalgamation of the Australian Trade Practices Commission and the Prices Surveillance Authority to administer the Trade Practices Act 1974, which was renamed the Competition and Consumer Act 2010 on 1 January 2011. The ACCC's mandate is to protect consumer rights and business rights and obligations, to perform industry regulation and price monitoring, and to prevent illegal anti-competitive behaviour.
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