Former NAB adviser cops permanent ban

Between March 2016 and December 2016, while he was an authorised representative of NAB, ASIC alleged Mr Eung created two false bank accounts under client names, falsified documents in order to open the accounts, made unauthorised deposits into the accounts from clients' funds, and impersonated the clients to obtain access to the funds within the false bank accounts.

Mr Eung was an authorised representative of NAB between 21 May 2015 to 20 December 2016.*

"Subsequently, Mr Eung incorporated a company for the purpose of operating a mortgage broking business and became a credit representative to provide credit assistance within that business," ASIC said.

"ASIC found that Mr Eung had engaged in dishonest conduct, was likely to contravene a financial services law, and was not of good character. ASIC also found that Mr Eung was likely to contravene credit legislation and was not a fit and proper person to engage in credit activities."

Mr Eung has subsequently received a permanent ban from providing financial services or engaging in credit activities, however ASIC's investigation into Mr Eung is continuing.

The banning is part of ASIC's Wealth Management Project, which the regulator commenced in October 2014 "to lift the standards of major financial advice providers".

Last month, former Westpac adviser Ezzat-Daniel Nesseim was also banned permanently from the industry following an investigation made as part of the same probe.

*The dates of Mr Eung's tenure as an NAB authorised representative were added for clarity after this story was first published.