A Sydney-based former authorised representative of Lionsgate Financial Group accused of ‘tombstoning’ has pleaded guilty to two charges of dishonest conduct.
The Downing Centre Local Court heard that Pavan Vyas – a former adviser of Lionsgate and HNW Planning Pty Ltd – had engaged in tombstoning i.e. earned insurance brokerage commissions by using the names of non-existent or dead people.
Mr Vyas submitted 15 false insurance applications between June 2012 and March 2013, earning him $243,433 in commissions via deceptive means.
The former adviser was banned permanently from providing financial services in July.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension
The FAAA says that the government will be picking up the tab for just a single claim against Dixon Advisory through the ...
Research from the platform provider reveals high-net-worth investors have become increasingly interested in alternative ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin