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
ETF provider VanEck has announced its intention to launch a uranium and energy solution as global political agendas point to expansion in this sector.
PIMCO has announced the launch of a new active fixed-income ETF, marking its fifth active solution on the Australian market after the launch of four ETFs earlier in the year.
With the Australian advice market being a target for US private equity firms, a US advice commentator has shared lessons from his overseas experience, and why PE may be less attractive than initially expected.
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
