Mr Pavan Vyas, of West Pennant Hills, was an authorised representative of financial advisory companies Lionsgate Financial Group Pty Ltd and HNW Planning Pty Ltd at the time of the offences, according to the Australian Securities and Investments Commission.
ASIC said Mr Vyas earned commissions by using the names of non-existent people and others on 12 applications for life insurance policies, and also submitted three further applications in the names of friends without their knowledge.
The ‘tombstoning’ practice refers to insurance brokers submitting applications in the names of dead or fictitious people.
ASIC said Mr Vyas completed other bogus documents to hide the conduct, including variations to the insurance applications and falsified emails from the fictitious clients.
Mr Vyas has the right to appeal to the Administrative Appeals Tribunal.
How did this “genius” get to be an AR of two Licensees. Did he just think that he would leave the clawback debt with the previous Licensee. I do hope he is pursued for any debt & is forced into bankruptcy. This Industry has no place for anyone who thinks they can out-wit the system.
This is why our industry is frowned upon. If we want to be recognised as a professional body then AFSL holders need to step up their audits. I can’t believe this idiot, no respect to people and no respect to the industry, put him in jail or make him pay every cent he stole.