Tombstoning adviser permanently banned
The Australian Securities and Investments Commission (ASIC) has permanently banned former Sydney adviser Pavan Vyas from engaging in credit activities after he was convicted of dishonest conduct.
Vyas submitted 15 false insurance applications between June 2012 and March 2013 to earn $243,433 in commissions, when he was an authorised representative of financial advisory companies Lionsgate Financial Group and HNW Planning, according to ASIC.
Along with the false applications, ASIC said Vyas falsified 21 other documents to hide his dishonest conduct. The documents included falsified emails from fictitious clients and variations to insurance contracts.
In February 2014 Vyas was convicted and sentenced to two years imprisonment to be served by way of an Intensive Correction Order (ICO). This followed the lifetime ban from working in the finance industry that ASIC imposed on Vyas in July 2013.
Vyas has a right to appeal his banning to the Administrative Appeals Tribunal.
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