On Monday (8 August) it was confirmed that former adviser Ezzat-Daniel Nesseim has been permanently banned from performing any function in the operation of a financial services business after he was convicted in May for engaging in dishonest conduct when he forged documents to ASIC and lied when questioned by the corporate regulator about the documents.
“This banning order serves to further protect consumers by widening an existing ban handed down by ASIC in 2018 that permanently prohibited Mr Nesseim from providing any financial services,” ASIC said in a statement.
At the time of the conviction, Mr Nesseim was sentenced to a three-year intensive correctional order, including one year of home detention.
Mr Nesseim worked as general manager of Accord Partners, a business operated by Foresight Enterprises, of which he was sole director. At the time of the offending, he ran a financial services business called Smart Financial Strategies.
According to ASIC, between 16 August and 11 October 2017, Mr Nesseim engaged in repeated dishonest conduct by providing three, forged wholesale client certificates to ASIC in an attempt to influence the regulator’s decision on an investigation and by knowingly giving the regulator false answers and information when questioned about the forged certificates.
Moreover, Mr Nesseim allegedly made use of other fabricated evidence, including doctored emails and purported witness statements in a hearing before an ASIC delegate, where he also gave false testimony under oath.
Upon sentencing, Judge McGrath said that Mr Nesseim had “weaved a tangled web; and ultimately entangled himself in his own falsehoods”.
“Had he admitted non-compliance with the particular disclosure requirements when first contacted, the consequences for him would not have involved a protracted investigation, compulsory hearings, strike-off and criminal prosecution for serious offences.”
Mr Nesseim pleaded guilty to the offences in November last year after already being permanently banned from engaging in credit activities from 19 July 2019, after he was found not to be a fit and proper person to engage in credit activities.
