A former Sydney financial adviser will serve two years of community service after falsifying insurance contracts.
ASIC banned Payan Vyas from the financial services industry in July last year, and in August he pleaded guilty to two charges of dishonest conduct after he was caught “tombstoning”.
Vyas submitted 15 insurance applications in the names of dead or fictitious people over a 10-month period, earning almost $250,000 in commissions.
Along with the false applications, Vyas falsified 21 other documents to hide his dishonest conduct. The documents included falsified emails from fictitious clients and variations to insurance contracts.
Late last month, Sydney’s Downing Centre District Court sentenced the West Pennant Hills man to two years imprisonment, to be served in the community via an Intensive Correction Order.
ASIC Deputy Chairman Peter Kell said: ‘There is no place in the financial industry for individuals who act with complete disregard for the law.’