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ASIC said it had found that funds were withdrawn from Tran’s client’s SMSF accountants without their authority and deposited into the trust account of Orchard Accountants of which Tran was the sole director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.