ASIC bans convicted former adviser from credit industry

ASIC has permanently banned Mr Pavan Vyas from engaging in credit activities after he was convicted for dishonest conduct.

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.

Mr Vyas’ conduct occurred when he was an authorised representative of financial advisory companies Lionsgate Financial Group Pty Ltd and HNW Planning Pty Ltd.

In February 2014 Mr Vyas was convicted and sentenced to 2 years imprisonment to be served by way of an Intensive Correction Order (ICO) (refer: 14-039MR).

Mr Vyas has a right to appeal his banning to the Administrative Appeals Tribunal.

Background

In July 2013 ASIC banned Mr Vyas from working in the finance industry for life (refer: 13-163MR).

Mr Vyas was a credit representative of Commonwealth Financial Planning Ltd between 1 July 2010 and 19 January 2012.