ASIC pursues criminal action against banned former NAB planner

A former National Australia Bank (NAB) authorised representative and adviser has been charged with two offences of obtaining financial advantage by deception.

The Australian Securities and Investments Commission (ASIC) announced today that the man, Max Kiattisak Eung, of Tempe in NSW, had been charged with the offences. He had already been permanently banned by ASIC in June, last year.

It said it would be alleged that between March 2016 and December 2016, Eung dishonestly obtained a financial advantage of funds totalling $166,500 from accounts held by MLC Limited and Nulis Nominees (Australia) Limited in circumstances where the account holders did not authorise the withdrawal of those funds from their accounts.

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It said Eung had been an authorised representative and financial adviser of NAB from 21 May, 20165 to December 2016 had had been permanently banned from providing financial services and engaging in credit activities in June, last year.

The ASIC announcement said each of the offences carried a maximum penalty of 10 years’ imprisonment

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People get less for manslaughter/murder.
How can this quantum be justified in comparison?

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