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Adviser convicted of 'tombstoning'

A Sydney court has convicted a former authorised representative of Lionsgate Financial Group and HNW Financial Planning for deceptive behaviour, following his life ban in July 2013.

Appearing before the Downing Centre District Court on 28 February, former financial adviser Pavan Vyas was convicted and sentenced to a total term of 2 years imprisonment by way of an Intensive Correction Order (ICO).

Mr Vyas was previously found guilty of 'tombstoning' following an ASIC investigation - a practice whereby insurance brokers submit applications in the names of dead or fictitious people, and given a life ban from providing financial services.

"There is no place in the financial industry for individuals who act with complete disregard for the law," said ASIC deputy chairman Peter Kell.