ASIC permanently bans financial adviser for unethical conduct
Australia
- 03/2/2018
- Termination
- Australian Securities and Investments Commission
Detail
Between April 2012 and December 2012 Mr Khan obtained $185,800 from an elderly person who had been a client when he was a Senior Financial Planner with Westpac, and thus held him in a position of trust. At the time, Mr Khan had not disclosed that he was no longer employed by Westpac.
Mr Khan maintained that $125,000 was loaned to him to fund his development of a financial planning business and that the balance had been a gift from the client, however:
- Mr Khan failed to ensure that his client obtained independent advice in relation to advancing funds to him;
- the funds were largely spent on personal expenses; and
- none of the funds were used to establish a business.
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