A former Sydney financial adviser has been convicted of “tombstoning” – submitting life insurance applications in the names of dead or fictitious people.

Pavan Vyas submitted 15 false insurance applications between June 2012 and March last year to earn $243,433 in commissions, the Downing Centre District Court heard.

Last August he pleaded guilty to two charges of dishonest conduct following an investigation by the Australian Securities and Investments Commission (ASIC).

Vyas was an authorised representative of Lionsgate Financial Group and HNW Planning when he arranged life cover for clients.

ASIC says he falsified 21 other documents to hide his dishonest conduct, including emails from non-existent clients and variations to insurance contracts.

On February 28 the district court sentenced Vyas, from West Pennant Hills, to two years’ prison – to be served through an intensive correction order, which takes place in the community rather than jail.

ASIC has permanently banned him from working in the finance industry.