ASIC permanently bans former Queensland adviser

The Australian Securities and Investments Commission (ASIC) has permanently banned Queensland-based former financial adviser Anass “Caesar” Abdalla from providing any financial services, performing any function involved in the carrying on of a financial services business, and from controlling an entity that carries on a financial services business.

Abdalla worked as a general manager of a financial services licensee and allegedly asked an authorised representative of the licensee, who was not working at the time, to sign documents, misleading clients into thinking that personal advice had been provided by the AR when it had not been.

The regulator did not share which firm he worked at during this time.

ASIC said this conduct gave reason to believe that Abdalla “lacked the fitness and propriety” to provide financial services or manage or control those who do so.

As a result, he has been permanently banned from providing any financial services, performing any function involved in the carrying on of a financial services business and from controlling an entity that carries on a financial services business.

He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

The banning is recorded on ASIC’s banned and disqualified register.