Regulatory Alerts2025-07-11
ASIC permanently bans former insurance broker Jason Prasad
The Australian Securities and Investments Commission has issued a permanent ban against former insurance broker Jason Damien Prasad following his conviction for fraud. The order prohibits Prasad from providing financial services, controlling entities in the sector, or performing functions for such businesses, with the ban taking effect on 3 July 2025. This regulatory action stems from Prasad's dishonest obtaining of financial advantage through deceptive insurance documents while acting as a director and authorized representative for J&P Capital Insurance and PSC Connect.
ASIC has made two orders permanently banning New South Wales based insurance broker Jason Damien Prasad following fraud convictions.
On 28 November 2024, Mr Prasad was convicted of two counts of dishonestly obtaining a financial advantage by deception and was sentenced to 16 months of imprisonment to be served by way of intensive correction in the community. In addition, Mr Prasad was ordered to pay a total of $16,175.25, being $8,175.25 in compensation and $8,000 in fine, in relation to one of the offences.
The convictions related to fraudulent insurance documents. Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009 , ASIC may permanently ban a person from providing financial services and engaging in credit activities if they are convicted of fraud.
Mr Prasad has been banned permanently from:
providing any financial services or engaging in any credit activities
controlling an entity that carries on a financial services business or engages in credit activities, and
performing any function for an entity carrying on a financial services business or engaging in credit activities, including as an officer, manager, employee or contractor.
The banning took effect from 3 July 2025.
Mr Prasad’s banning has been recorded on ASIC's banned and disqualified register .
Mr Prasad has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Background
The conduct relating to the fraud convictions occurred while Mr Prasad was director of J&P Capital Insurance Pty Ltd (in external administration), which was an authorised representative of an Australian financial services licensee, PSC Connect Pty Ltd, between 20 March 2020 and 8 March 2023. Mr Prasad was also an authorised representative of PSC Connect Pty Ltd between 4 December 2019 and 21 September 2023.