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
- 10:41Bitcoin 'dangerous and speculative', says MagellanBy Tim Stewart
- 20 Sep 2017ANZ calls for adviser transparencyBy Killian Plastow
- 20 Sep 2017Labor slams mooted ASIC appointmentBy Aleks Vickovich
- 20 Sep 2017‘Modest start’ for Australian super fundsBy Jessica Yun
- 20 Sep 2017Education stress understandable, says AFABy Killian Plastow
- 20 Sep 2017Resisting change will ‘destroy’ business valueBy Staff Reporter
- view all
