Former credit rep gets 350 hours community service
A former credit representative of AHL Investments trading as Aussie Home Loans has been sentenced to 350 hours of community service after investigations by the Australian Securities and Investments Commission (ASIC).
In May, Shiv Prakash Sahay pleaded guilty to three charges of making 13 false statements in loan applications, making 23 false documents, namely bank statements, and then using 26 false documents in loan applications submitted by him for his clients.
These documents and applications were created and used for 17 if his clients to attempt to secure home loans totalling approximately $7 million, between November 2011 and August 2013.
Of the $7 million, $4.796 million were approved. Ask Consultancy Services, a company controlled and owned by Sahay, received over $5500 in upfront commissions and then ongoing commissions as a result of Sahay's offending.
Recommended for you
ASIC has released the results of the latest financial adviser exam, held in November 2025.
Winners have been announced for this year's ifa Excellence Awards, hosted by Money Management's sister brand ifa.
Adviser exits have reported their biggest loss since June this week, according to Padua Wealth Data, kicking off what is set to be a difficult December for the industry.
Financial advisers often find themselves taking on the dual role of adviser and business owner but a managing director has suggested this leads only to subpar outcomes.
