Termination

ASIC permanently bans two former NAB employees for loan fraud

Reason: Fraudulent, UnregulatedContent of Penalty: An ASIC investigation into loan fraud has resulted in a permanent ban of former National Australia Bank employees, Danny Merheb and Samar Merjan (also known as Samar Awad) from engaging in credit activities and providing financial services. NAB alerted ASIC to the misconduct of its former employees, alleging that bank staff in the greater western ...

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ASIC permanently bans former credit representative Colin Hulbert

Reason: Non CompliantContent of Penalty: ASIC has permanently banned former credit representative Mr Colin William Hulbert, of Cairns, Queensland, from engaging in credit activity. Mr Hulbert was the sole director of Channic Pty Ltd (Channic), Cash Brokers Pty Ltd (Cash Brokers) and Ang Hulbert & Associates Pty Ltd (AHA). Channic and Cash Brokers both operated a used car dealership in ...

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ASIC permanently bans former NAB financial adviser

Reason: AbuseContent of Penalty: 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 ...

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Darren Newton banned by the FCA for misappropriating client money

Reason: Misleading Comment: The Financial Conduct Authority (FCA) has today published a Decision Notice, which sets out its decision to ban Darren Lee Newton from working in any regulated activity in the financial services sector. Content of Penalty: Mr Newton is disputing the FCA’s decision and has referred the matter to the Upper Tribunal at which the FCA and Mr ...

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ASIC permanently bans financial adviser for providing false evidence to ASIC

Reason: MisconductContent of Penalty: The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Ezzat-Daniel Nesseim from providing financial services.  ASIC found that Mr Nesseim engaged in misleading and deceptive conduct, that he was not of good fame or character, and that he was likely to contravene a financial services law. In the course of an ASIC investigation ...

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ASIC permanently bans former Perth insurance broker

Reason: MisconductContent of Penalty: ASIC has permanently banned Perth insurance broker, Mr Antonino Gucciardi, from the financial services industry for misleading, deceptive and dishonest conduct. ASIC found that between 1 August 2011 to 3 August 2016, Mr Gucciardi engaged in misleading and deceptive conduct by creating invoices for services provided to clients which failed to disclose the broker fees charged ...

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Former Sydney mortgage brokers permanently banned for loan fraud

Reason: FraudulentContent of Penalty: ASIC has permanently banned mortgage brokers Xiaoyi (Jeff) Zhao, Jun (Leo) Ma and Liang (Victor) Zhang from engaging in credit activities. Messrs Zhao and Ma were mortgage brokers and directors of Sydney Global Investment Pty Ltd, which formerly operated a finance brokerage business in Sydney that traded as X Finance Group.  Mr Zhang was also a ...

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FCA bans former Co-operative Bank Chair, Paul Flowers, from the financial services industry

Reason: Non CompliantContent of Penalty: The FCA found that while Chair Mr Flowers: -used his work mobile telephone to make a number of inappropriate telephone calls to a premium rate chat line in breach of Co-op Group and Co-op Bank policies; and -used his work email account to send and receive sexually explicit and otherwise inappropriate messages, and to discuss ...

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ASIC permanently bans financial adviser for unethical conduct

Reason: AbuseComment: 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 ...

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