ASIC bans mortgage broker Astna Shirtika Sahay for five years
The daughter of a royal commission case study mortgage broker who was caught operating after a life ban has now copped a five-year ban herself.
The corporate regulator has banned Sydney mortgage broker Astna Shirtika Sahay after she let her father use her and her company’s credit representative authority and ANZ accreditation.
Ms Sahay has been banned from practicing for five years.
Her father, former Aussie Home Loans advisor Shiv Prakash Sahay, used her accreditations after he was banned for life from practising by ASIC in 2015.
Mr Sahay was initially charged and banned for various fraud-related offences in 2015.
He was charged with new offences three years later, after his conduct featured as a case study at the financial services royal commission.
ASIC in 2018 found Mr Sahay continued to practice despite being banned, issuing 38 credit contracts for loans totalling $18m during that period.
In June Mr Sahay was sentenced to a nine-month prison term that was wholly suspended immediately upon entering into a good behaviour bond of $1000.
The corporate regulator found Ms Sahay was involved in 31 contraventions of the National Consumer Credit Protection Act through her father’s use of her accreditations, despite repeated legal action against him.
ASIC found Ms Sahay, of Mascot in Sydney, did not possess the attributes of diligence, judgment, honesty and integrity necessary to discharge the duties and obligations imposed by the credit legislation and was not a fit and proper person to engage in credit activities.
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