Decision to permanently ban adviser upheld
A former credit representative's permanent ban by the corporate regulator has been upheld the Administrative Appeals Tribunal (AAT) after an appeal.
Shiv Sahay was banned by the Australian Securities and Investments Commission (ASIC) from providing financial services and engaging in credit activity and applied to the AAT for a review of the decision.
The AAT said Sahay's conduct "involved deliberate and repeated action by him to provide false information to lending authorities including the creation of false documents to support the applications lodged by him".
The AAT said he was also irresponsible and significantly inconsistent with the orderly operation of the financial market.
According to ASIC, the AAT took into consideration the need to protect the public from Sahay's conduct and the need to maintain the integrity of the financial services and credit industries to "deter others from engaging in activity such as that being considered in this matter".
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