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Tombstoning adviser banned from credit activities

A former financial adviser has been banned for engaging in credit activities, one month after a Sydney court convicted him of ‘tombstoning’.

Former Lionsgate and Financial Group and HNW Financial Planning authorised representative and Commonwealth Financial Planning credit representative Pavan Vyas has been banned permanently from engaging in credit activities.

Appearing before the Downing Centre District Court on 28 February, Mr 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.