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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 25 Sep 2018ASIC finds serious delays in breach reporting from major banksBy Eliot Hastie
- 25 Sep 2018Failed advice firm was ‘a proven success story’: DalyBy Adrian Flores and James Mitchell
- 25 Sep 2018New city added to FPA’s Women in Wealth programBy Adrian Flores
- 25 Sep 2018Fund managers charging fees for underperformanceBy Eliot Hastie
- 25 Sep 2018Government minister to address AFA conferenceBy Adrian Flores
- 24 Sep 2018Accountants continue battle for advice spaceBy Adrian Flores
- view all
