Tombstoning adviser pleads guilty
A Sydney-based former authorised representative of Lionsgate Financial Group accused of ‘tombstoning’ has pleaded guilty to two charges of dishonest conduct.
by Reporter - August 28, 2013 0 comments
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.
Advertisement
Advertisement
0 commentsjoin the conversation
latest news
Intiger winds up CBA relationship
The ASX-listed advice software company has emerged from a trading halt to reveal...
Aussies to flock to IFAs
The use of independent advisers and independent advisory firms in Australia is e...
AFA looks forward to continuing reform agenda
The Association of Financial Advisers has congratulated the Coalition on returni...
