An Adelaide adviser has been permanently banned by ASIC after it found he had engaged in dishonest conduct.
The regulator said it found that authorised representative, Tai Thanh Nguyen, had:
- Dishonestly backdated advice documents to clients
- Incorrectly witnessed binding nomination of beneficiary forms
- Created or modified documents on client files produced to ASIC
- Attempted to induce a client to mislead ASIC
Noting his activities when an authorised representative at GWM Adviser Services and InterPrac Financial Planning, ASIC stated it found that:
“Mr Nguyen is likely to contravene a financial services law for reasons including that he had engaged in dishonest conduct while he was an authorised representative of GWM Adviser Services Limited, and continued to do so while he was an authorised representative of InterPrac Financial Planning. Moreover, he acted dishonestly in the course of responding to an ASIC statutory notice.”
According to the regulator, Nguyen has operated a financial services business since approximately July 2005 through his company, Financial Wealth Advisers Pty Ltd, and that he has been an authorised representative of:
- Charter Financial Planning from 1 July 2005 to 13 December 2011
- GWM Adviser Services from 6 December 2011 to 4 August 2015
- InterPrac Financial Planning from 5 August 2015
ASIC noted that it has now banned 51 advisers and one director from the financial services industry as part of its Wealth Management Project, which was established in October 2014, and that six of those bans are currently the subject of appeals.
