Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

ASIC hands broker four-year ban

banned  x banned  x
Huntley Mitchell 1 minute read

ASIC has banned Raghwa Nand Prasad of Chipping Norton from providing financial services and engaging in credit activities for four years.

Mr Prasad's conviction comes after his former wife and broker assistant, Shasi Kanta Prasad, was handed a 10-year ban by ASIC in May for creating false loan documents in an attempt to secure home loans totalling more than $3.6 million.

An ASIC investigation found that between February 2008 and March 2011, Mr Prasad contravened credit legislation and financial services laws, and was involved in Ms Prasad’s contravention of credit legislation and financial services laws.

ASIC made these findings on the basis that, in respect of the seven loan applications which involved false documents created by Ms Prasad, Mr Prasad was familiar with his clients’ financial situation, having acted as their tax agent, and signed off on applications containing false documents without querying whether the application accurately represented his clients' financial situation.

The regulator also found that Ms Prasad knew the application documents were false, and directed or allowed Ms Prasad to send the application containing the false documents to the lender.

ASIC hands broker four-year ban
banned  x
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Tickets are on sale now. Work smarter, not harder, this year.

banned  x

 

more from the adviser
Greater Bank Newcastle Perm merger

Breaking News

Bank CEO pledges to maintain broker offering following merger

The CEO of Newcastle Permanent has said the lender will continue ...

Money jar

Breaking News

bcu launches $5k cashback offer

The customer-owned bank has released a cashback offer for new and...

RBA

Breaking News

RBA makes cash rate call as lockdown drags on

The central bank has delivered its rate decision for August as th...