Former NAB adviser banned
The Australian Securities and Investments Commission (ASIC) has permanently banned a former National Australia Bank (NAB) financial adviser from providing financial services and engaging in credit activities.
An ASIC investigation into Max Kiattisak Eung found that during his time at NAB, Eung had:
- Created two false bank accounts in the name of his clients;
- Falsified documents to open the accounts;
- Caused withdrawals to be made from his clients’ accounts into the false accounts; and
- Impersonated his clients to gain access to the accounts.
Subsequently, Eung incorporated a company to operate a mortgage broking business and became a credit representative to provide credit assistance within that business.
ASIC found Eung had engaged in dishonest conduct, was likely to contravene a financial services law and credit legislation, was not of good character and was not of good fame or character.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
