The corporate regulator has permanently banned a former Connective broker and NAB financial adviser for engaging in misconduct.
The Australian Securities and Investments Commission (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.
An ASIC investigation revealed that Mr Eung incorporated a company with the purpose of operating a mortgage broking business and became a credit representative of Connective Credit Services from 14 September 2017 to 23 October 2017.
However, ASIC found that Mr Eung had engaged in “dishonest conduct”, was likely to contravene a financial services law and was not “of good character”.
The investigation found that while operating as a NAB financial adviser (from 21 May 2015 to 20 December 2016), Mr Eung engaged in misconduct 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.
The corporate watchdog also determined 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 of Mr Eung continues.
The regulator has noted that Mr Eung’s banning will be recorded on its Banned and Disqualified Persons Register and the Financial Advisers and Credit Representatives Registers.
Mr Eung has the right to appeal ASIC’s decision to the Administrative Appeals Tribunal.