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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.

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.