A Sydney-based mortgage broker has been banned from credit activities for five years and had his licence cancelled by the corporate watchdog, after he put false information on ten mortgage applications.

The Australian Securities and Investments Commission announced on Tuesday morning that Arthur Sperling was banned from engaging in credit activities for 5 years following an investigation. Mr Sperling was the sole director of Tiana Holdings, which also traded as Statewide Financial Services.

"ASIC's investigation found that between October 2010 and November 2011, Mr Sperling submitted 10 home loan applications to four lenders that contained false or misleading information. The amount of these loans totalled $4.132 million," ASIC revealed this morning.

"ASIC has banned Mr Sperling and cancelled his credit licence on the basis that he is likely to continue to contravene his obligations as the holder of a credit licence."

Mr Sperling has held an Australian credit licence in his name since 22 February 2012.

ASIC said Mr Sperling put false information about the income and employment of borrowers, such as saying they had full-time jobs when they only had casual jobs or had not worked at all.

"Mr Sperling failed to independently verify the income and employment details of the borrowers before submitting the loan applications to the lenders. In doing so, he has been reckless as to whether the income and employment details supplied to the lenders were false or misleading," ASIC noted.