Tombstoning ex adviser sentenced

ASIC peter kell

6 March 2014
| By Staff |
image
image
expand image

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”.  

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days 13 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

6 days 19 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 4 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days 17 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

4 days 20 hours ago