Former Aussie broker cops permanent ban from ASIC

by Julia Corderoy06 Oct 2015
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.


  • by Honest Broker 6/10/2015 11:55:27 AM

    "He was sentenced to 350 hours of community service work".

    The punishment doesn't fit the crime. I'm sick of reading negative press like this. These types of brokers give the rest of us a bad name.

  • by Coast Broker 6/10/2015 1:33:31 PM

    Hit him in the hip pocket were it hurts with big fines.

  • by Charliex 6/10/2015 6:57:08 PM

    Where is the aggregator in the equation?