Sydney man convicted of unlawfully providing a financial service
A Sydney-based financial planner has been found guilty of one count of unlawfully providing a financial service and not guilty of one count of inducing persons to deal in securities following a trial in the Parramatta District Court, the Australian Securities and Investment Commission (ASIC) announced yesterday.
Manouchehr Tivay, of Baulkham Hills, was charged in relation to his role with Progressive Investments Securities (PIS), ASIC said.
Tivay is the fourth man to be found guilty in various charges relating to the Capital Investments Group (CIG) and PIS.
Tunde Doja was found guilty of fraud charges in November last year and sentenced to serve a minimum three years and eight months jail.
Mohammad Zareei pleaded guilty to three Corporations Act charges and was sentenced to 250 hours of community service while Nellie Enares was convicted and sentenced to 200 hours of community service for making false statements to ASIC during the investigation.
ASIC alleged that Tivay, 46, provided advice in relation to investment products without either himself or PIS holding a financial services licence.
PIS and CIG were involved in enticing investors to take out Macquarie Bank investment loans to invest in securities known as ORB 1 ORB 2 and OMIP 15-7, ASIC said.
Tivay will be sentenced on the July 4 this year.
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