Australian watchdog bans Sydney-based adviser

Pedro Gonçalves
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Australian watchdog bans Sydney-based adviser

ASIC has permanently banned Sydney-based financial adviser Tram Tran from providing financial services and has cancelled her Australian Financial Services licence.

An investigation by the corporate watchdog found the funds of Tran's clients had been transferred without their authority to the trust account of a business for which she was the sole director and shareholder, Orchard Accountants.

ASIC also said Tran failed to co-operate and assist the Australian Financial Complaints Authority in responding to complaints made by clients and provide an explanation regarding the misappropriation of money; failed to promptly respond to ASIC's notices to produce and provided false and misleading information to ASIC.

ASIC said Tran "failed to promptly respond to ASIC's notices to produce", and also provided false and misleading information to the regulator. Following the banning order against Tran, ASIC has also cancelled her AFS licence. Tran had previously been disqualified from being an SMSF auditor after ASIC found that she was not a fit and proper person.

A NSW police investigation into Tran is currently underway, which ASIC said it was assisting with.

Tran has the right to seek a review of ASIC's decision at the Administrative Appeals Tribunal.

 

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