Corporate regulator ASIC has permanently banned NSW financial adviser Adele Baaini from providing any financial services or engaging in credit activities.
The decision comes after findings of dishonest conduct and a lack of integrity and sound judgment in her professional duties.
ASIC’s investigation revealed that Baaini provided falsified credentials to AAN Wealth Management (AAN Wealth) and advised clients improperly. Specifically, she submitted a falsified Financial Adviser Exam certificate and provided personal advice to 121 clients despite knowing she did not meet required education and training standards.
“Ms Baaini engaged in dishonest conduct and failed to act with integrity and sound judgment in relation to a financial service,” ASIC said in a media release, further stating that she is “not a fit and proper person to provide financial services.”
Baaini, who was associated with AAN Wealth from April to June 2023 and served as the sole director and secretary of SMR Loans, has also been found incompetent to provide financial services under current legislative standards.
Her activities and professional standards violations have been recorded on ASIC’s banned and disqualified register.
Baaini retains the right to appeal ASIC's decision to the Administrative Appeals Tribunal.
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