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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- 17 Aug 2017Formerly banned adviser to face further ASIC chargesBy Staff Reporter
- 16 Aug 2017Challenger announces ‘strategic relationship’ with Japanese insurerBy Staff Reporter
- 16 Aug 2017Income protection insurance launched for on-demand workersBy Staff Reporter
- 17 Aug 2017New evidence for self-licensing surgeBy Aleks Vickovich and Linda Santacruz
- 16 Aug 2017RegTech to reduce adviser misconductBy Aleks Vickovich and Larissa Waterson
- view all