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
News
- 26 Jun 2017Former AMP adviser gets permanent banBy Staff Reporter
- 26 Jun 2017ASIC extends super SOA deadlineBy Staff Reporter
- 26 Jun 2017CPA CEO receives $4.9m parachuteBy Aleks Vickovich
- 26 Jun 2017Countplus adds new member to boardBy Staff Reporter
- 23 Jun 2017ASIC bans former Suncorp financial adviserBy Staff Reporter
- 23 Jun 2017CommInsure cuts retail distribution teamBy Aleks Vickovich
- view all
