ASIC permanently bans financial adviser for unethical conduct

Reason:
Abuse
Comment:
The Australian Securities and Investments Commission (ASIC) has permanently banned Muneer Mahmood Khan (also known as ‘Ivan Khan’) from providing financial services after finding that he was not of good fame or character, and that he had acted unethically.
Content of Penalty:

Between April 2012 and December 2012 Mr Khan obtained $185,800 from an elderly person who had been a client when he was a Senior Financial Planner with Westpac, and thus held him in a position of trust. At the time, Mr Khan had not disclosed that he was no longer employed by Westpac.

Mr Khan maintained that $125,000 was loaned to him to fund his development of a financial planning business and that the balance had been a gift from the client, however:

  • Mr Khan failed to ensure that his client obtained independent advice in relation to advancing funds to him;
  • the funds were largely spent on personal expenses; and
  • none of the funds were used to establish a business.

Date: 02/03/2018
Link: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2018-releases/18-060mr-asic-permanently-bans-financial-adviser-for-unethical-conduct/