Raghwa (Raj) N Prasad

Member’s name: Mr Raghwa (Raj) N Prasad
Dates of Hearing: 26 October 2016
Division: New South Wales
Tribunal: Disciplinary Tribunal

On 26 October 2016 the Disciplinary Tribunal found Mr Raghwa (Raj) N Prasad breached:

• Article 39(a)(ii)F of the Constitution in that he was the subject of an adverse finding that had not been overturned on appeal in respect of a Decision by the Mortgage & Financial Association of Australia on 15 November 2012 which ordered Mr Prasad make a financial contribution of $20,000
• Article 39(a)(ii)F of the Constitution in that he had been the subject of an adverse finding that had not been overturned on appeal in respect of a Decision of a delegate of the Australian Securities & Investment Commission (ASIC) dated 14 July 2015 which prohibited Mr Prasad from providing any financial services for a period of four years
• Article 39(a)(ii)F of the Constitution in that he was the subject of an adverse finding that had not been overturned on appeal in respect of an Order dated 14 July 2015 by ASIC which prohibited Mr Prasad from engaging in any credit activities for a period of four years.

As a licensed credit and financial services provider, between 2008 and 2011, Mr Prasad had been complicit in submitting eight false loan applications for his clients to AMP. When discovered, loans totalling $3.6 million were in the system of which $1.5 million had been approved.

Mr Prasad attended the Disciplinary Tribunal and admitted the Complaints.

Penalty and costs

The Disciplinary Tribunal found the Complaint sustained and imposed the following penalties and costs:

• forfeiture of Membership
• Mr Prasad is not eligible for readmission until the expiration of the Banning Orders (14 July 2019)
• prior to any application for readmission, Mr Prasad must first successfully complete a compliant Quality Review at his own cost
• if readmitted, Mr Prasad’s designation is to  be lowered from FCPA to CPA status. 

Mr Prasad was ordered to pay CPA Australia’s costs of $887.85.