former Sydney financial adviser has been convicted for dishonest conduct.
In August 2013 Pavan Vyas pleaded guilty to two charges of dishonest conduct after he was caught ‘tombstoning’ (refer: 13-234MR).
‘Tombstoning’ involves insurance brokers submitting insurance applications in the names of dead or fictitious people. Mr Vyas submitted 15 false insurance applications between June 2012 and March 2013 to earn $243,433 in commissions.
Along with the false applications, Mr Vyas falsified 21 other documents to hide his dishonest conduct. The documents included falsified emails from fictitious clients and variations to insurance contracts.
ASIC Deputy Chairman Peter Kell said: ‘There is no place in the financial industry for individuals who act with complete disregard for the law.’
Appearing in Sydney’s Downing Centre District Court on 28 February 2014, Mr Vyas, of West Pennant Hills, was convicted and sentenced to a total term of 2 years imprisonment to be served by way of an Intensive Correction Order (ICO).
In ordering the ICO the court, among other things, took into account Mr Vyas’ high level of co-operation with ASIC’s investigation and his decision to plead guilty at the earliest opportunity.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
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