ASIC has banned former ANZ adviser Ben Cheung of Epping, NSW, from providing financial services for 10 years following an investigation.
Cheung, a former authorised representative of Australia New Zealand Banking Group, was banned by ASIC after an investigation found he contravened financial services laws and was not adequately trained or competent to provide financial services.
ASIC's investigation found that between April 2013 and March 2014, Cheung engaged in misleading and deceptive conduct by: forging signatures of clients on statements of advice, investment instruction forms and an investment withdrawal form; creating false bank documents, namely ANZ Advisor Diary Notes; and creating false documents, namely Nil Advisory Service forms.
ASIC Deputy Chair Peter Kell said: "Cracking down on behavior like this goes to the heart of maintaining consumer trust and confidence. The banning of Mr Cheung demonstrates ASIC's Wealth Management Project is identifying and tackling this kind of fraudulent behavior."
Cheung has appealed to the Administrative Appeals Tribunal for a review of ASIC's decision.