Former NAB adviser sentenced

A former NAB financial adviser has been sentenced for withdrawing funds from the accounts of clients without their knowledge, but will avoid jail time.

The District Court of NSW sentenced Max Kiattisak Eung to three years imprisonment to be served through an intensive corrections order, after Eung pleaded guilty to two offences of obtaining financial advantage by deception to the tune of more than $160,000.

Between March and December 2016, the former NAB adviser netted $166,500 from the MLC and NULIS Nominees accounts of his clients, without their authorisation.

Using their confidential information, Eung created false bank accounts in the names of his clients and withdrew their funds from those accounts, impersonating his clients in the process.

ASIC commissioner Sean Hughes said Eung's actions amounted to a breach of client trust for his own advantage.

"Mr Eung was trusted by his clients to manage their financial affairs. He breached that trust by using their confidential information to create false accounts as well as by accessing his clients' funds to use for his own benefit," Hughes said.

Eung was permanently banned by the corporate regulator in June 2018, as ASIC continued to investigate the allegations made against him as part of its wealth management project, which to date has banned 60 advisers and three directors from the financial services industry.

Eung was an authorised representative and financial adviser at NAB between May 2015 and December 2016, before becoming a credit representative of a credit licensee late in 2017 for a little over one month.

Read more: NABASICMax Kiattisak EungSean HughesDistrict Court of NSWMLCNULIS Nominees
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