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The Australian Securities and Investments Commission (ASIC) has banned a Mascot, New South Wales-based mortgage broker from engaging in credit activities over the next five years following her involvement in several violations of the National Consumer Credit Protection Act.
ASIC found that Astna Shirtika Sahay had allowed her father, Shiv Prakash Sahay, to engage in credit activities using her and her company’s credit representative authority and ANZ accreditation, despite being permanently banned by ASIC in 2015.
ASIC said Sahay was fully aware that her father had been banned from engaging in credit activities.
In June, Sahay's father was sentenced to nine months in prison at the Downing Centre Local Court for two charges of breaching the National Consumer Credit Protection Act, although the sentence was suspended when he entered into a good behaviour bond of $1,000.
In a statement, ASIC said that the younger Sahay is prohibited from performing any function involved in the engaging of credit activities – including as an officer, manager, employee, or a contractor – over the next five years.
She was given the right to appeal her case to the Administrative Appeals Tribunal.
