ASIC bans fraudulent Sydney broker

by Julia Corderoy19 May 2015
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.”
 

COMMENTS

  • by Clarke Kent 19/05/2015 1:38:19 PM

    No bird time - very disappointing we as bona fide brokers carry this burden of her handiwork forever.

  • by Dan - Melbourne 19/05/2015 1:58:01 PM

    THERE WILL ALWAYS BE CROOK BROKERS - ALWAYS!....THERE WILL ALWAYS BE CROOK CARPENTERS, LAWYERS, PLUMBERS, POLICE, BANK MANAGERS - YOUR POINT IS??? It's called the HUMAN RACE!

  • by Michael 19/05/2015 2:30:51 PM

    Why only ten years? Should be a life ban. If she does reapply in ten years will be interesting to see if she gets re-accredited with a criminal record. We do not need this type of person in our profession.