Life ban for broker over multimillion dollar home loan fraud

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The Australian Securities and Investment Commission (ASIC) has handed a convicted Sydney finance broker a life ban from providing financial advice. 

Former Aussie Home Loans broker, Shiv Prakash Sahay was permanently banned by ASIC following an investigation which led to Sahay being convicted on 7 July 2015 in Sydney Downing Centre Local Court.

Sahay's conviction followed him entering guitly pleas to three charges at a court appeartance on 26 May. 

Sahay pleaded guilty to making 13 false statements in loan applications submitted by him on behalf of his clients to Bankwest and Suncorp; making 23 false documents in support of those false statements, mainly bank statements; and using 26 false documents in loan applications submitted by him on behalf of his clients to Bankwest and Suncorp

Following his guilty pleas, Sahay was sentenced to 350 hours of community service work

ASIC deputy chair Peter Kell said the life ban showed the watchdog was taking a hard line against home loan fraud.

“ASIC's action against Mr Sahay shows how seriously we are about tackling loan fraud,”  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.

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