The MFAA has expelled a Sydney broker for “dishonest and fraudulent” conduct.
The association announced this afternoon that it had immediately expelled Shiv Prakash Sahay after a hearing by its disciplinary tribunal.
“The tribunal found that Mr Sahay had engaged in acts of a dishonest and fraudulent nature by submitting 10 mortgage applications, which included false savings records, to a lender,” the MFAA announced.
“The MFAA has passed its ruling on to the Australian Securities and Investment Commission.”
MFAA chief executive Phil Naylor said, “We and the tribunal are determined to identify and weed out the few brokers who are doing the wrong thing by what is a thriving and ethical industry.”
ASIC announced last month that it had imposed bans on two other brokers, Hyuk Hwang and Anthony Bergin.
Mr Naylor told The Adviser at the time that fraudulent activity and dishonest conduct “almost guarantee expulsion” from the association.
“It’s a good way of ensuring integrity in the standards that our members uphold,” he told The Adviser. “Between ourselves and ASIC, we’re doing a good job of cleaning out the bad apples in the industry.”