GAL Home Loans expelled

Already facing legal action from New Mardi Gras, the CEO of gay and lesbian financial company the GAL Group has been expelled from a peak mortgage industry body for misconduct.Col Hahne and his Victoria-based company GAL Home Loans -“ part of the GAL Group -“ were expelled from the Mortgage Industry Association of Australia (MIAA) for a serious breach of its code of practice.The MIAA announced the expulsion last Friday but did not disclose further details.But the Australian Financial Review reported complaints had allegedly been made about the financial activities of Hahne and the GAL Group in recent months.GAL Home Loans will still be able to operate, but the Australian Securities and Investments Commission will be told why the company was expelled.Hahne set up GAL in 2000 and has in the past won several industry accolades.Hahne is also facing legal action from New Mardi Gras, which alleges GAL breached a three-year sponsorship agreement.In court papers filed earlier in the year, New Mardi Gras alleged GAL’s Home Loan and Credit Card Services owed about $40,000, including lawyers’ costs.New Mardi Gras chair Marcus Bourget declined to comment.