Professional Misconduct

Pavan Vyas

Address: NSW, Australia
Sex: Male
Occupation: Financial adviser
Date: 27 August 2013


A former financial adviser pleaded guilty on 27 August 2013 to two charges of dishonest conduct after he was caught ‘tombstoning’.

‘Tombstoning’ involves insurance brokers submitting insurance applications in the names of dead or fictitious people.

Downing Centre Local Court heard Mr Pavan Vyas submitted 15 false insurance applications between June 2012 and March 2013 to earn $243,433 in commissions.

Along with the false applications, Mr Vyas falsified 21 other documents to hide his dishonest conduct. The documents included falsified emails from fictitious clients and variations to insurance contracts.

In July ASIC banned Mr Vyas from working in the finance industry for life.

Mr Vyas faces a maximum penalty of 10 years jail and/or a fine of $450,000 for each offence.

Mr Vyas was released on conditional bail and the matter will return to the Downing Centre Local Court on 6 September 2013.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.