Shiv Prakash Sahay

Member’s name: Mr Shiv Prakash Sahay
Date of Hearing: 8 February 2017
Division: New South Wales
Tribunal: Disciplinary Tribunal

On 8 February 2017 the Disciplinary Tribunal found Mr Shiv Prakash Sahay breached: 

• Article 38(a)(ii)F of the Constitution in that he was the subject of an adverse finding in respect of a decision of the Mortgage & Finance Association of Australia which expelled Mr Sahay effective 1 February 2014
• Article 39(a)(ii)G of the Constitution in pleading guilty on 26 May 2016 before the Downing Centre Local Court and being convicted of:
  • one count of breaching section 192G(b) of the Crimes Act – intention to defraud
  • one count of breaching section 253(b)(ii) of the Crimes Act – forgery
  • one count of breaching section 254(b)(ii) of the Crimes Act – using a false document
• Article 39(a)(ii)F of the Constitution in respect of decisions of a delegate of the Australian Securities and Investments Commission (ASIC) on 24 September 2015 which permanently banned Mr Sahay from:
  • engaging in any credit activities
  • providing any financial services,
• which decisions were not overturned on appeal to the Administrative Appeals Tribunal on 9 August 2016 in Sahay and ASIC [2016] AATA 583.
• Article 39(a)(ii)A of the Constitution in that he breached By-Law 5.2(a)(ii) in failing to respond to eight Notices from Professional Conduct in relation to a complaint made about him.

Between November 2011 and August 2013 Mr Sahay had created 23 fake documents in support of false loan applications exceeding $7 million for 17 of his clients.

Mr Sahay did not attend the Disciplinary Tribunal Hearing.

Penalty and costs

The Disciplinary Tribunal found the Complaints sustained and imposed the following penalties:

• forfeiture of Membership
• Mr Sahay is not eligible to apply for readmission to Membership for thirty years
• should Mr Sahay seek readmission to CPA Australia, it is a condition of readmission that, after the period of forfeiture, he first:
  • completes the CPA Program or its equivalent as a non Member
  • has paid all outstanding fines, costs and Membership subscriptions
• in relation to failing to respond to correspondence from Professional Conduct:
  • a severe reprimand
  • a fine of $1000.

Mr Sahay was ordered to pay CPA Australia’s costs of $752.27.