ASIC has permanently banned a former NAB adviser from providing financial services after an investigation found he impersonated clients in order to get access to client funds that he transferred into sham bank accounts.
Between March and December 2016, while working as a NAB financial adviser, Max Kiattisak Eung of New South Wales created two false bank accounts in clients’ names, illegally transferred client funds into those accounts and then impersonated the clients in order to obtain access to the funds in the accounts, the investigation undertaken by the Australian Securities and Investments Commission found.
Eung also falsified documents when opening the bank accounts, ASIC found.
After his stint at NAB, where he worked from May 2015 to December 2016, Eung set up a mortgage broking company and became a credit representative to provide credit assistance as part of the mortgage business.
In permanently banning Eung, ASIC said he was not of good character, had committed dishonest conduct, was not fit to engage in credit activities, and was likely to break financial services and credit laws.
ASIC said the investigation into Eung is ongoing.
The investigation was undertaken as part of ASIC’s Wealth Management Project, which targets the conduct of NAB, Westpac, CBA, ANZ, Macquarie and AMP.
So far, ASIC has banned 47 advisers and one director from the financial services industry, four of which are subject to appeal and one of which has been stayed pending the outcome of an appeal.
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