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Thursday 7 June 2018

18-168MR ASIC permanently bans former NAB financial adviser

ASIC has permanently banned Mr Max Kiattisak Eung (also known as Kiattisak Eungpongpan), of Tempe, New South Wales from providing financial services and engaging in credit activities.

Mr Eung was banned following an ASIC investigation into his conduct between March 2016 and December 2016 while he was a financial adviser with NAB. It was alleged that during this period Mr Eung engaged in conduct including:

  • creating two false bank accounts in the names of his clients;
  • falsifying documents to open the false bank accounts;
  • causing withdrawals to be made from client funds to the false bank accounts and misappropriating client funds; and
  • impersonating his clients to attempt to obtain access to funds in the second false bank account.

Subsequently, Mr Eung incorporated a company for the purpose of operating a mortgage broking business and became a Credit Representative to provide credit assistance within that business.

ASIC found that Mr Eung had engaged in dishonest conduct, was likely to contravene a financial services law, and was not of good character. ASIC also found that Mr Eung was likely to contravene credit legislation and was not a fit and proper person to engage in credit activities.

ASIC’s investigation into Mr Eung is continuing.

Mr Eung was an authorised representative and financial adviser with NAB from 21 May 2015 to 20 December 2016 and a credit representative of Connective Credit Services Pty Ltd from 14 September 2017 to 23 October 2017.

Mr Eung’s banning will be recorded on ASIC’s Banned and Disqualified Persons Register and the Financial Advisers and Credit Representatives Registers.

Mr Eung has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

ASIC's MoneySmart website has useful information for clients of advisers to help them understand what to do if their adviser has been banned.

Background

The banning of Mr Eung is part of ASIC's Wealth Management Project. The Wealth Management Project was established in October 2014 to lift the standards of major financial advice providers. The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, Macquarie and AMP).

ASIC's work in the Wealth Management Project covers a number of areas including:

  • working with the largest financial advice firms to address the identification and remediation of non-compliant advice; and 
  • seeking regulatory outcomes, where appropriate, against licensees and advisers.

As part of its Wealth Management Project, ASIC has banned 47 advisers and one director from the financial services industry. Four bannings are the subject of appeals, with a further banning stayed pending the outcome of an appeal.

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Last updated: 07/06/2018 03:03