On 25 February 2020, the matter of Shiv Prakash Sahay was mentioned in the Downing Centre Local Court of NSW. Mr Sahay has been charged with breaching an ASIC banning order.
On 6 October 2015, ASIC permanently banned Mr Sahay from engaging in credit activity, following his conviction on 7 July 2015 for various fraud-related offences (15-284MR; 15-176MR). ASIC alleges that between 8 October 2015 and 2 October 2018, Mr Sahay contravened section 82(2) of the National Consumer Credit Protection Act 2009 by engaging in credit activity in relation to 38 credit contracts. The 38 credit contracts were loans worth over $17 million and Mr Sahay earned $111,064 in commissions. Mr Sahay has been charged with two contraventions of section 82(2) of the Act.
Mr Sahay’s solicitor advised the court that Mr Sahay would plead guilty to the charges.
The matter will return to the Downing Centre Local Court on 7 April 2020 for sentencing.
If convicted, Mr Sahay faces a maximum penalty for the first offence of a fine of $18,000 or two years’ imprisonment or both. The maximum penalty for the second offence is a fine of $21,000 or two years’ imprisonment or both.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
The conduct that led to Mr Sahay’s conviction on 7 July 2015 was part of the Consumer Lending Case Study considered in the Financial Services Royal Commission Volume 2 Interim Report (page 32).
The matter has been adjourned until 16 June 2020 for sentencing.