Former NAB adviser permanently banned

ASIC has permanently banned a former NAB financial adviser after it found he acted dishonestly and was not of good character.

Max Kiattisak Eung, who also goes by Kiattisak Eungpongpan, has been banned by the regulator as it continues to investigate allegations he falsified documents to open bank accounts in the names of two clients.

Eung, the latest person to be banned as part of ASIC's wealth management project, also allegedly  withdrew from clients' funds to the false accounts; he then impersonated his clients to access funds in one of the false bank accounts he created.

Initially the regulator investigated Eung while he was a financial adviser at NAB, focusing on the period between March and December 2016. However, the investigation expanded to probe a mortgage broking business Eung incorporated after his time at NAB. The regulator added Eung became a credit representative to provide credit assistance within that business.

The regulator said Eung was likely to contravene credit legislation and was not a fit and proper person to engage in credit activities.

In April, ASIC permanently banned another former NAB adviser, Grant Taylor, for withdrawing almost $2 million of private client funds between 2007 and 2016 for personal and business expenses.

Additionally the regulator found Taylor maintained he was a representative of the NAB-aligned licensee after he ceased to be in June 2013.

Read more: NABASICFinancial adviceGrant TaylorKiattisak EungpongpanMax Kiattisak Eung
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