Ex-NAB adviser sentenced to corrections order

4 October 2019

Former National Australia Bank (NAB) financial adviser Max Kiattisak Eung has been sentenced to an intensive corrections order after obtaining financial advantage by deception of $166,500, the corporate watchdog has announced.

Eung was an authorised representative and financial adviser with NAB from 21 May 2015 to 20 December 2016 and a credit representative of a credit licensee from 14 September 2017 to 23 October 2017.

The Australian Securities and Investments Commission (ASIC) in an announcement said it had banned Eung from providing financial services and engagement in credit activities in June 2018.

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Eung dishonestly obtained a financial advantage of $166,500 from accounts held with MLC Limited and Nulis Nominees (Australia) between March 2016 and December 2016.

The account holders who were his clients did not authorise withdrawal of those funds from their accounts.

ASIC also said he created false bank accounts in the names of clients, made withdrawals from client funds held in false bank accounts and impersonated his clients to attempt to avoid detection.

ASIC Commissioner Sean Hughes said: “Mr Eung was trusted by his clients to manage their financial affairs. He breached that trust by using their confidential information to create false accounts as well as by accessing his clients’ funds to use for his own benefit”. 

Eung pleaded guilty to the offences and was prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.

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Doesn't look like the adviser went to jail. Instead, he was sentenced to a three-year intensive correction order which is very different to serving full-time custody. Perhaps a more accurate account of the sentence?

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