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.

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by Reporter - March 05, 2014 0 comments

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.