Dodgy SMSF adviser cops permanent ban
ASIC has permanently banned a financial adviser from the industry after she allegedly misappropriated funds within her clients’ SMSFs.
In a statement, the corporate regulator said its investigation into Tam Tran, who had held a financial services licence since 2017, found she had withdrawn funds from a number of her clients’ SMSFs without their authority and transferred the funds into the account of a company for which she was the sole shareholder and director.
ASIC also found Ms Tran had failed to co-operate with the Australian Financial Complaints Authority regarding complaints made about her, or to respond to the corporate regulator’s notices to produce, and she had also made false and misleading statements to ASIC.
The corporate regulator said it had cancelled Ms Tran’s licence and was also assisting NSW Police with an ongoing investigation into her conduct.
The decision follows the disqualification of Ms Tran as an SMSF auditor in July last year after it was found she was not a fit and proper person to hold the position.
At the time, ASIC said she had been previously deregistered from a statutory role by another regulator, which had played a role in her subsequent disqualification.
The corporate regulator said Ms Tran had the right to seek an appeal of her permanent banning from the financial services industry via the Administrative Appeals Tribunal.
