A convicted Sydney finance broker has been permanently banned from providing financial services by ASIC.
The regulator has banned former Aussie
Home Loans broker, Shiv Prakash Sahay following an investigation
which led to Sahay being convicted on 7 July 2015 in Sydney Downing Centre Local Court.
Sahay faced court on three charges of making false statements, making false documents and using false documents in home loan applications – worth $7 million. He was sentenced to 350 hours of community service work.
“ASIC's action against Mr Sahay shows how seriously we are about tackling loan fraud,” ASIC Deputy Chair Peter Kell said.
“We won't hesitate to take strong action to remove dishonest brokers, who falsify loan documents to the detriment of their clients, from the industry.”
Sahay has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.