Intensive corrections order for former NAB financial adviser Max Eung

A former National Australia Bank financial adviser Max Eung has been sentenced to a three years intensive corrections order by the New South Wales District Court for taking $166,000 belonging to his clients.

Mr Eung was convicted on Friday of dishonestly obtaining a financial advantage by taking money from client accounts in 2016.

Max Kiattisak Eung, of Tempe, New South Wales, was sentenced to three years imprisonment to be served by way of an intensive corrections order.

In June 2018, ASIC permanently banned Mr Eung from providing financial services and engaging in credit activities.

Between March 2016 and December 2016, Mr Eung dishonestly obtained a financial advantage of $166,500 from accounts held with MLC Limited and Nulis Nominees (Australia) Limited. The account holders who were his clients did not authorise withdrawal of those funds from their accounts.

Mr Eung also created false bank accounts in the names of clients using their confidential information, made withdrawals from client funds held in false bank accounts and impersonated his clients to attempt to avoid detection.

At the time, Mr Eung was a NAB financial adviser.

Mr Eung was an authorised representative and financial adviser with NAB from 21 May 2015 to 20 December 2016 and a credit representative of a credit licensee from 14 September 2017 to 23 October 2017.

After impersonating his clients to attempt to obtain access to funds in the second false bank account, Eung incorporated a company for the purpose of operating a mortgage broking business.

ASIC found that Mr Eung had engaged in dishonest conduct, was likely to contravene a financial services law, and was not of good character. ASIC also found that Mr Eung was likely to contravene credit legislation and was not a fit and proper person to engage in credit activities.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.

Mr Eung pleaded guilty to the two offences.  

The action is part of ASIC's Wealth Management Project. which focuses on the conduct of Australia’s largest financial advice licensees – NAB, Westpac, CBA, ANZ, Macquarie and AMP.

As part of its Wealth Management Project, ASIC has banned 60 advisers and three directors from the financial services industry. Three bannings are the subject of appeal.