Tombstoning ex adviser sentenced
An ex-financial adviser who earned more than $200,000 by falsifying insurance documents has been convicted of dishonest conduct.
Sydney-based Pavan Vyas, who pleaded guilty to 'tombstoning’ in August, received a two-year prison sentence, to be served by way of Intensive Correction Order (ICO).
Vyas pleaded guilty to creating 15 false insurance applications between June 2012 and March 2013 to earn $243,433 in commissions, a court heard.
The former adviser also reportedly falsified 21 other documents, including emails from fictitious clients, to cover his trail.
When sentencing Vyas, the court took his early guilty plea and cooperation with the Australian Securities and Investments Commission’s (ASIC) investigation into account.
Commenting on the ruling, ASIC deputy chairman Peter Kell said: “There is no place in the financial industry for individuals who act with complete disregard for the law”.
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