A former National Australia Bank financial adviser, Max Kiattisak Eung, has been sentenced to three years imprisonment after obtaining financial advantage by deception of A$166,500, ASIC has revealed.
Eung dishonestly obtained a financial advantage of A$166,500 from accounts held with MLC Limited and Nulis Nominees (Australia) between March 2016 and December 2016.
The account holders who were his clients did not authorise withdrawal of those funds from their accounts.
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"
The Australian Securities and Investments Commission (ASIC) also said he created false bank accounts in the names of clients, made withdrawals from client funds held in false bank accounts and impersonated his clients to attempt to avoid detection.
"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," said ASIC commissioner Sean Hughes.
In June 2018, ASIC permanently banned Eung from providing financial services and engaging in credit activities.
NAB has previously said that it sacked Eung in late 2016 after identifying serious compliance concerns, it reported him to the NSW Police and ASIC, and it last year welcomed ASIC's decision to ban him.