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ASIC hands broker four-year ban

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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.

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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
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