Tombstoning ex adviser sentenced
An ex-financial adviser who earned more than $200,000 by falsifying insurance documents has been convicted of dishonest conduct.
Sydney-based Pavan Vyas, who pleaded guilty to 'tombstoning’ in August, received a two-year prison sentence, to be served by way of Intensive Correction Order (ICO).
Vyas pleaded guilty to creating 15 false insurance applications between June 2012 and March 2013 to earn $243,433 in commissions, a court heard.
The former adviser also reportedly falsified 21 other documents, including emails from fictitious clients, to cover his trail.
When sentencing Vyas, the court took his early guilty plea and cooperation with the Australian Securities and Investments Commission’s (ASIC) investigation into account.
Commenting on the ruling, ASIC deputy chairman Peter Kell said: “There is no place in the financial industry for individuals who act with complete disregard for the law”.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.