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Ex-Aussie broker admits: MFAA was right to expel me

by Nick Bendel8 minute read
The Adviser

The mortgage broker expelled by the MFAA for “dishonest and fraudulent” conduct said the association was right to expel him.

The MFAA announced yesterday that it had expelled Shiv Prakash Sahay after a disciplinary tribunal found he had submitted 10 mortgage applications with false savings records.

Mr Sahay, who was formerly an Aussie Home Loans broker, told The Adviser that the tribunal had reached the only logical conclusion given the evidence at hand.

“Put it this way, they went on the information provided to them. I believe the information they got was correct in the sense there were some documents that were given that I was not aware of at the time of lodging,” he said.

Mr Sahay said he accepted responsibility for providing false documentation, although he added that he had been misled by his clients.

“My mistake was that I didn’t verify the documents properly when lodging the application. That was my mistake – I acted on the copies of documents provided to me rather than verifying it with the original,” he told The Adviser.

Mr Sahay said he had left the mortgage broking industry last August “because my accreditation with all the lenders has been terminated”.

Aussie Home Loans told The Adviser: “Aussie terminated its contract with Mr Sahay in August 2013 as a result of information it became aware of and after conducting its own investigations. Aussie has a strict policy of ensuring it has a compliant broker network and acted swiftly in this matter.”

Mr Sahay said he was now looking for jobs in accounting and related fields. He has previously worked as a financial controller for an engineering firm.