ASIC has banned a Sydney broker from engaging in financial and credit services, following her conviction for loan fraud.
In July 2014, Mrs Shashi Kanta Prasad, of Chipping Norton, NSW, pleaded guilty after ASIC found she created false loan documents for seven clients.
Prasad pleaded guilty to making seven false statements, producing 41 fake documents and instruments and using those statements, documents and instruments with the intention to obtain a financial advantage for her employer in the form of commissions.
The fraud occurred between February 2008 and March 2011, while Prasad was employed by Raj Prasad & Co Pty Ltd trading as Premium Financial & Retirement Solutions.
ASIC deputy chairman Peter Kell
has now announced that the corporate regulator has banned her from engaging in credit activities and from providing financial services for 10 years.
“Removing unscrupulous operators like Ms Prasad from the industry will protect consumers and help ensure borrowers have trust and confidence in the lending sector,” Kell said.
“In September 2014, following an ASIC investigation, Ms Prasad was convicted and required to enter into a good behaviour bond for 18 months after pleading guilty to creating false loan documents in an attempt to secure home loans totalling more than $3.6 million for her clients.”