The Australian Securities and Investments Commission (ASIC) has permanently banned a Sydney-based financial adviser and cancelled her Australian financial services licence (AFSL).
Tram Le Anh Tran was banned from providing financial services following an ASIC investigation that found she was guilty of misappropriating funds from her clients’ SMSFs.
The corporate regulator found Tran had withdrawn funds from her SMSF clients without their authority, which she had then deposited into the trust account of a company for which she was the sole director and shareholder.
In addition, ASIC’s investigation revealed she had failed to cooperate with the Australian Financial Complaints Authority in responding to clients’ complaints, had not responded promptly to ASIC’s notices to produce, and provided false and misleading information to the regulator.
The regulator confirmed it had also cancelled her AFSL following the banning order. Tran had held AFSL number 488734 since July 2017.
“ASIC has also been assisting the NSW police in relation to an investigation that they are conducting into Ms Tran,” the regulator added.
ASIC had previously disqualified Tran from being an SMSF auditor as part of its action last year against 17 SMSF auditors for failing to meet independence and auditing standards, minimum continuing professional development hours and the lodging of annual statements.
Last month, ASIC permanently banned NSW-based financial adviser Nicholas Ellis from providing financial and credit services.