A self-licensed Sydney financial adviser had been permanently banned by the Australian Securities and Investments Commission (ASIC).
The regulator announced that the adviser, Tram Tran, had been banned following an investigation relating to the alleged misappropriation of client self-managed superannuation funds (SMSFs).
ASIC said it had found that funds were withdrawn from Tran’s client’s SMSF accountants without their authority and deposited into the trust account of Orchard Accountants of which Tran was the sole director and shareholder.
The regulator said Tran had:
- failed to co-operate and assist the Australian Financial Complaints Authority (AFCA, formerly known as the Financial Ombudsman Service) in responding to complaints made by clients and provide an explanation regarding the misappropriation of monies;
- failed to promptly respond to ASIC’s notices to produce; and
- provided false and misleading information to ASIC.
Following the banning order against Ms Tran, ASIC had also cancelled Ms Tran’s AFS licence.
ASIC said it had also been assisting the NSW police in relation to an investigation that they are conducting into Tran.
Comments
The irony of all this is had she just stayed an accountant and never bothered to get an AFSL, she would have been ignored by ASIC and not subject to FOS/AFCA.
By banning her she can go just back to being an accountant and never have to bother about financial regulators. Just like the thousands of other accountants who provide dodgy unlicensed advice with complete immunity.
Who do we speak to they have taken $120k is our SMSF.
Regards Andrew
Tran stole our super, we went to our local police and they told us it’s a civil claim, I want this guy behind bars.
Makes me sick to think he had been getting away with this for so long.
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