In a recent update, the Australian Securities and Investments Commission (ASIC) stated former financial adviser Mr Tai Thanh Nguyen of Adelaide, South Australia, has pleaded guilty in the Adelaide Magistrates’ Court to two counts of falsifying company books.
Mr Nguyen was convicted on both counts and placed on recognisance in the sum of $1,000 to be of good behaviour for two years.
Mr Nguyen admitted to falsifying seven documents relating to two of his clients by inserting client signatures and by adding dates to documents. He falsified documents between February 2010 and December 2018.
Mr Nguyen’s offending occurred while he has an authorised representative of GWM Adviser Services Limited and Interprac Financial Planning Pty Ltd.
In sentencing Mr Nguyen, Magistrate Nitschke stated ‘it is a serious matter to falsify company records’ and ‘that company records must reflect accurately the truth of the situation.’
Magistrate Nitschke further stated that the falsification of such records ‘is a breach of trust of those who you’re engaged to act for’.
Mr Nguyen was charged with the seven counts of alleged falsification of company books in June last year following an ASIC investigation.
He was also permanently banned from providing financial services in January 2019, after an ASIC investigation found that he had engaged in dishonest conduct.
ASIC found that Mr Nguyen had dishonestly backdated advice documents to clients, incorrectly witnessed binding nomination of beneficiary forms, created or modified documents on client files produced to ASIC and attempted to induce a client to mislead ASIC.
ASIC also found that Mr Nguyen had further engaged in misleading and deceptive conduct by allowing the incorrectly witnessed binding nomination forms to be submitted to insurers on behalf of two of his clients.
“He had also failed to comply with a financial services law by implementing financial advice to four clients before they were provided with a statement of advice,” ASIC said in a statement issued in January 2019.
