Australian Securities & Investments Commission permanently bans former insurance broker Jason Prasad following fraud convictions

The Australian Securities & Investments Commission (ASIC) has made two permanent banning orders against New South Wales insurance broker Jason Damien Prasad following fraud convictions, preventing him from providing financial services or engaging in credit activities from 3 July 2025. Mr Prasad was convicted on 28 November 2024 of two counts of dishonestly obtaining a financial advantage by deception and sentenced to 16 months’ imprisonment to be served by way of intensive correction in the community. He was also ordered to pay a total of AUD 16,175.25, comprising AUD 8,175.25 in compensation and an AUD 8,000 fine, in relation to one offence. The convictions related to fraudulent insurance documents; ASIC noted its powers under the Corporations Act 2001 and National Consumer Credit Protection Act 2009 to permanently ban persons convicted of fraud. The orders also prohibit Mr Prasad from controlling an entity carrying on a financial services business or engaging in credit activities, and from performing any function for such entities, including as an officer, manager, employee or contractor; the banning has been recorded on ASIC’s banned and disqualified register. Mr Prasad may appeal ASIC’s decision to the Administrative Review Tribunal.