How alleged criminal ringleader triggered the end for Hai Money
Hai Money’s head of strategy and growth Bruce Li has spoken out following the news that Finsure, through which Hai Money had operated as a sub aggregator for approximately 220 brokers, has terminated its relationship with Hai Money amid ongoing fraud investigations.
Hai Money has now confirmed that the group is ceasing operations immediately, raising questions over where its brokers go from here.
Li pointed the finger at Andrew W. Hu, alleged mortgage fraudster and alleged ringleader of the Penthouse Syndicate criminal network, as the trigger for Hai Money's collapse.
Hu was formerly a broker operating under Hai Money’s credit licence. He also worked as a banker for NAB and Commonwealth Bank. CBA sacked Hu in 2022, before continuing to work as a broker.
Hu’s arrest in December 2025 triggered an internal investigation at Hai Money into 14 of its brokers. Hai Money immediately severed contracts with these 14 brokers and reported them to the Australian Securities and Investments Commission (ASIC).
Unfortunately that wasn’t enough to stop Hai Money’s collapse, as banks sought to distance themselves from the sub aggregator.
Hai Money brokers have found themselves in limbo, as they are unable to write loans following Finsure’s termination of the group.
Li was candid about his fortunes in a discussion with MPA.
“My whole business is gone,” he said, adding that a small handful of bad eggs “has ruined the entire operation”. He said his priority is helping Hai Money brokers navigate the uncertain road ahead, and is working to secure ongoing commissions for Hai Money brokers, which are paid out by Finsure.
Li stressed that Hu was not an employee of Hai Money, but was an independent broker operating under Hai Money’s licence. Other mortgage aggregation groups, including Finsure, have had brokers flagged for fraud investigations.
Hu came aboard Hai Money in January 2024. At that time, Hai Money did not have a credit licence but was operating as an introducer business. Hai Money obtained its credit licence in December 2024, at which point Hu began writing loans through Hai Money.
“This has been an extremely difficult outcome,” Li said. “A situation involving an individual broker has had far-reaching consequences, not only for our business but also for many brokers and families connected to the broader community.”
Li said the situation “raises a broader question for the industry: whether the actions of a very small number of individuals should result in consequences that affect an entire broker community and wider market participants”.
While Hai Money was operating on an independent credit licence from Finsure, questions have been raised over Finsure’s due diligence.
“They created this structure and supported Hai Money to take onboard those brokers who are not qualified,” said one individual in the broking community.
While Finsure has moved to tighten its entry standards in recent months, the broking industry as a whole is grappling with the quality of some new-to-industry brokers.
Many ex-bankers have moved into broking in recent years, but their reputations – whether good or bad – don’t often follow them through the transition.
Numerous broking industry leaders have shared concerns with MPA that some of these former bankers are ill-equipped to handle the complexities of mortgage broking. However, Hai Money specifically targeted former bankers in its marketing materials with promises of unlimited earning potential.
Li raised concerns that Hu and other alleged fraudsters have tarnished the reputation of the wider Chinese broking community, the majority of whom are reputable brokers servicing their clients.
“Our focus now is not to assign blame, but to ensure that the remaining matters are handled fairly and responsibly, particularly for the many brokers who were not involved in any wrongdoing,” said Li. “Hai Money has accepted the outcome and is committed to exiting the industry in an orderly and respectful manner.”
