Financial adviser's $3.6 million fraud
A SYDNEY financial adviser has pleaded guilty to fraud for over $3.6 million in false loan documents she gave seven clients between 2008 and 2011.
The Chipping Norton woman, Shashi Kanta Prasad, on Wednesday pleaded guilty to four charges of fraud and making seven false statements.
Companies' regulator ASIC charged Prasad with a range of offences for creating 41 fake documents, with the aim of securing false commissions for her employer, Raj Prasad & Co Pty Ltd, trading as Premium Financial and Retirement Solutions.
Prasad faces up to five years in prison on two charges and 10 years in prison on two others, with the case scheduled for sentencing next week in Sydney District Court.