The Australian Securities and Investments Commission (ASIC) has permanently banned Jason Damien Prasad, a former insurance broker operating in New South Wales, after he was convicted of fraud-related offences.
The regulatory action, which took effect on July 3, follows Prasad’s conviction for dishonestly obtaining a financial advantage by deception.
Prasad was sentenced on Nov. 28, 2024, to 16 months’ imprisonment, to be served through intensive correction in the community. The court also ordered him to pay $8,175.25 in compensation and an $8,000 fine, amounting to $16,175.25 in total.
The offences were connected to the use of fraudulent insurance documents.
Under the Corporations Act 2001 and the National Consumer Credit Protection Act 2009, ASIC has the authority to permanently prohibit individuals from providing financial services or engaging in credit activities if they are convicted of fraud.
In this case, ASIC exercised those powers to impose a lifetime ban on Prasad.
The ban prevents Prasad from offering any financial services or participating in credit activities.
He is also barred from controlling, or performing any function for, any entity that operates in the financial services or credit sectors. This includes roles such as officer, manager, employee, or contractor.
ASIC has added Prasad’s name to its banned and disqualified register. He has the right to seek a review of the decision by appealing to the Administrative Review Tribunal.
The fraudulent conduct occurred during Prasad’s tenure as director of J&P Capital Insurance Pty Ltd, a company now in external administration.
J&P Capital Insurance Pty Ltd was an authorised representative of PSC Connect Pty Ltd, an Australian financial services licensee, from March 2020 to March 2023.
Prasad himself was an authorised representative of PSC Connect Pty Ltd from December 2019 until September 2023.
Separately, ASIC has initiated a public consultation on proposed updates to several financial reporting relief instruments, which are scheduled for repeal on Oct. 1.
After reviewing the instruments, ASIC has concluded that they remain necessary, although minor amendments are being proposed to align with current drafting standards.
One suggested revision involves clarifying that ASIC Instrument 2015/251 does not provide relief to registrable superannuation entities. This instrument offers financial reporting and Annual General Meeting (AGM) relief for externally administered bodies and entities in wind-up, including companies, registered schemes, notified foreign passport funds, and sub-funds of retail Corporate Collective Investment Vehicles (CCIVs).
Other instruments under review include provisions for non-reporting entities to apply certain accounting standard concessions (ASIC Instrument 2015/841), disclosure of significant post-balance date transactions in financial statement notes (ASIC Instrument 2015/842), and consolidated financial reporting for related registered schemes (ASIC Instrument 2015/839) and stapled groups (ASIC Instrument 2015/838).
ASIC is accepting submissions on the proposed changes until 5pm AEST on Aug. 1. Feedback can be sent to rri.consultation@asic.gov.au.
Further information is available in ASIC’s Consultation Statement 24.
