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 2 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 have ever considered how you could better service your SME clients but lack the knowledge or confidence to do this beyond referring them on, this is a must-attend event for you. Don't miss SME Broker Bootcamp, a jam-packed, free-to-attend, practical workshop. Register today and secure your place at this interactive, flexible, must-attend event.

banned  x

 

more from the adviser
RBA

Breaking News

RBA makes December cash rate call

The Reserve Bank has declared its last cash rate decision for 202...

digital technology user

Breaking News

Aggregator launches ‘fully digital home loan’

Connective Home Loans has launched a new digital home loan to its...

parliament

Breaking News

Bill to expand First Home Super Saver Scheme delayed

With the final sitting day of Parliament over, the bill expand...