Former Financial Adviser Sentenced After ASIC Referral
16 October 2019: A former financial adviser has been found guilty for two offences of obtaining financial advantage by deception and sentenced to three years imprisonment, after an investigation and referral by the Australian Securities and Investments Commission (ASIC).
The financial adviser, Max Kiattisak Eung, had been permanently banned from providing financial services and engaging in credited activities in June 2018, after ASIC found he had dishonestly obtained a financial advantage of $166,500 from accounts held with two companies. Eung had withdrawn money from his clients’ accounts without authorisation. Furthermore, he had created false bank accounts in the names of clients using their confidential information and impersonated some clients.
Eung pleaded guilty to the offences and admitted his conduct. He was sentenced to three years imprisonment, to be served by way of an intensive corrections order, by the District Court of NSW – who took the case on a referral from ASIC.
Commenting on the case, ASIC Commissioner, Sean Hughes, said “Mr Eung was trusted by his clients to manage their financial affairs. He breached that trust by using their confidential information to create false accounts, as well as by accessing his client’s funds to use for his own benefit.”