Former Lionsgate authorised representative, Pavan Vyas, has pleaded guilty to two charges of dishonest conduct and faces a maximum penalty of 10 years jail and a fine of $450,000 per offence when his case resumes next month.
Vyas, who is from West Pennant Hills in Sydney’s northwest, was caught submitting insurance applications in the names of dead or fictitious people, which is commonly known as ‘tombstoning’. He submitted 15 false insurance applications to earn $243,433 in commissions.
The Australian Securities and Investments Commission banned Vyas from working in the finance industry for life in July.
Vyas was released on bail and his case resumes in the Downing Centre Local Court on September 6.
