ASIC has permanently banned Patrick Nong from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in the carrying on of a financial services business. He has the right to appeal the decision.
ASIC alleges that on three occasions between October 2023 and September 2024, Nong signed documents on behalf of four clients without their consent.
“He did so by using systems to record a meeting and dishonestly sign consents on behalf of the clients, before sending the false documents to be processed,” states ASIC.
“This resulted in fees being taken from the clients’ superannuation account. The clients did not meet with Nong or sign any documents.”
Nong was employed by 360 Financial Strategists Pty Ltd (360FS), a financial planning firm based in Melbourne, and provided financial advice to clients as an authorised representative of AMP Financial Planning Pty Ltd (AMPFP), now known as Akumin Financial Planning Pty Ltd.
ASIC alleges Nong was motivated to act dishonestly for personal gain.
In deciding to permanently ban Nong, ASIC found he does not have the honesty, character, trustworthiness or integrity required to be a fit and proper person to participate in the financial services industry
The regulator states Nong’s employment with 360FS has been terminated and AMPFP has revoked his authorisation.
David Mario Valvo
ASIC has also permanently banned former New South Wales financial adviser David Mario Valvo from providing financial services following his conviction for dishonesty offences.
The regulator states that Valvo was convicted in 2025 of engaging in dishonest conduct in the course of carrying on a financial services business.
“Between July 2019 and January 2020, he dishonestly obtained $110,000 from his clients’ superannuation accounts by submitting ad hoc adviser fee forms which purported to authorise withdrawals from their superannuation accounts, which they had not approved, signed nor consented to,” states ASIC.
