With a busy financial year, ASIC took action against numerous individuals during the period, including permanent bannings and enforcement action against dishonest conduct.
Below, Money Management rounds up the ASIC banning activity during the financial year.
July 2024
ASIC permanently bans former adviser
Former Western Australian adviser Dashiel Benjo Vee was permanently banned by the regulator from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in the carrying on of a financial services business.
Vee acted dishonestly by providing his employer with a falsified financial adviser exam certificate and informing colleagues and an education provider that he passed the exam.
Adviser’s permanent ban after exam falsification varied by AAT
In a second exam story, Sydney-based adviser Todd Karamian, saw his permanent banning amended following a successful appeal. According to ASIC, the Administrative Appeals Tribunal (AAT) varied the regulator’s decision, reducing it to seven years. He had been permanently banned in March 2023 after he changed his financial adviser certificate from a fail result to a pass while working for Bluepoint Consulting and provided personal advice to 11 retail clients between 31 December 2021 and 9 September 2022 when he was not authorised to do so.
NSW adviser banned over inappropriate advice
NSW-based adviser Christopher Edward Luff was banned from providing financial services for five years, and the AFSL of his business Build Your Wealth was cancelled by ASIC. He was referred to an ASIC delegate in relation to concerns about the financial product advice he provided, his management of conflicts of interest, and for his involvement in a self-managed superannuation investment structure where clients subsequently invested in the Storehouse Residential Trust.
Former Qld adviser permanently banned
Anass ‘Caesar’ Abdalla was permanently banned by ASIC from providing financial services. ASIC said he allegedly asked an authorised representative (AR) of the licensee, who was not working at the time, to sign documents, misleading clients into thinking that personal advice had been provided by the AR when it had not been.
October 2024
Sydney adviser banned by ASIC over conduct concerns
John Hazell of Richmond Partners in Sydney was banned from providing financial services in October after failing to act on conduct concerns. ASIC identified that, in his dealing with the Tax Practitioners Board (TPB), Hazell made misleading statements in order to retain his TPB registration and he continued to provide professional services to retail clients when he was unable to manage his own financial tax affairs. He also failed to reasonably engage with a professional body when conduct concerns were identified.
December 2024
ASIC bans former South Australian adviser
Closing out the 2024 calendar year, former South Australian financial adviser Bruce Stuart Davis was banned for seven years from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in the carrying on of a financial services business.
His issues included providing unlicensed advice and dealing services, failing to act in clients’ best interests, and making misleading and deceptive representations.
January 2025
ASIC announces first adviser banning of 2025
In the first ASIC adviser banning of the 2025 calendar year, ASIC banned Queensland-based financial adviser David Eduardo Cubilla, following his conviction of fraud. In June 2024, Cubilla was convicted of fraud under s408C of the Queensland Criminal Code and sentenced to seven years’ imprisonment. The conviction related to Cubilla stealing funds from a client’s superannuation account.
February 2025
ASIC acts on Qld adviser after $1.8m fraud
A Queensland financial adviser was permanently banned by ASIC after being found guilty of misappropriating $1.8 million from his clients. Lachlan John King was convicted of stealing the funds from his clients, which included family members, while working as a financial planner. Between February 2012 and March 2019, ASIC said King misappropriated a total of $1,797,493.66 from eight clients while working as a financial planner and being entrusted with the financial management of multiple clients.
March 2025
Qld adviser receives 5-year ban
ASIC banned Queensland adviser Grant Richard Thomson from providing financial services for five years after failing to provide appropriate advice that was in the best interest of his clients. A review of his advice by ASIC found he failed to provide financial advice to his clients that was in their best interests and appropriate for them and to prioritise his clients’ interests. The insurance advice by Thomson included recommended levels of cover that incorporated mortgages which the clients had not yet obtained.
May 2025
Former Perth adviser permanently banned by ASIC
ASIC permanently banned a former Perth adviser Neville Allan Kendrink after he made “materially misleading” statements to induce investors. ASIC found that Kendrick provided financial services when he was not licensed or authorised, made materially misleading statements to induce investors, and acted dishonestly by making false statements.
June 2025
Former NSW adviser banned over cryptocurrency scam investment
Former NSW adviser Glenda Maree Rogan was banned from providing advice for 10 years for engaging in misleading or deceptive conduct. Between March 2022 and June 2023, ASIC said Rogan transferred at least $14.8 million of funds invested by clients, family and friends to a cryptocurrency-based investment scam.
Investors’ funds were transferred to bank accounts held by Rogan and her personal company, the majority of which were converted to cryptocurrency then transferred to various wallets nominated by the Financial Centre, purportedly a UK-based trading platform.
