The Australian Securities and Investments Commission (ASIC) has permanently banned Mr Danh Van, a 33-year old Fairfield man, from acting as a representative of a dealer or an investment adviser.

Mr Van was banned for life after misappropriating approximately $885,000 of clients’ monies.

Mr Van held a proper authority from Westpac Bank from 20 October 1998 to 21 August 2002 and had been employed by Westpac as an investment adviser in their Cabramatta Branch.

In early July this year Westpac learned of Mr Van's misappropriation and referred the matter to ASIC. Westpac also compensated all affected clients.