Former NAB financial adviser banned

A former NAB financial adviser who incorporated a company to operate a mortgage broking business has been permanently banned.

Mr Max Kiattisak Eung (also known as Kiattisak Eungpongpan), of Tempe, New South Wales has been banned from providing financial services and engaging in credit activities.

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 during this period Eung engaged in conduct including:

• creating two false bank accounts in the names of his clients;
• falsifying documents to open the false bank accounts;
• causing withdrawals to be made from client funds to the false bank accounts and misappropriating client funds; and
• impersonating his clients to attempt to obtain access to funds in the second false bank account.

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

ASIC’s investigation into Eung is continuing.

He was an authorised representative and financial adviser with NAB from 21 May 2015 to 20 December 2016 and a credit representative of Connective Credit Services Pty Ltd from 14 September 2017 to 23 October 2017.