Hardik Bhimani was employed in NSW as a senior financial planning manager, and later as a senior financial planner, with National Australia Bank between 1 April 2011 and 4 November 2013.
He worked in the NAB Financial Planning business.
An ASIC investigation found that between December 2012 and 7 August 2013, Mr Bhimani engaged in misleading and deceptive conduct by creating and supplying NAB with “non-standard fee forms” indicating the applicable fees payable by the clients had been waived, and then made arrangements for the clients to deposit the advice fees into his personal NAB bank account.
He also charged clients excessive fees; failed to provide a client with statements of advice; and engaged in repeated breaches of the standards expected of a person in his position.
ASIC also found reason to believe that Mr Bhimani was not of “good fame and character”.
NAB alerted ASIC to Mr Bhimani’s conduct and fully refunded the advice fees to the affected clients.
ASIC deputy chairman Peter Kell said ASIC would not tolerate this type of behaviour.
“ASIC will continue to protect consumers by removing those who engage in misleading and deceptive conduct from the industry,” he said.
Mr Bhimani has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
NAB alerted ASIC. Bet that doesn’t get as widely reported as it should given the narrative is “bank bash” and “planner bash” as though crooks only ever exist in banking and finance.
If you just looked at the headline it kind of suggest that ASIC did the work when it was actually the management of NAB doing the correct thing.
I have no problem with ASIC doing their job in cases like these – this was a brazen effort to rip people off and scum bags like this are what cause us well intended advisors a big headache and sadly we are tarred and feathered in the media (and by ASIC) along with people like this!
Good riddance Mr Bhimani. You are a thief and an utter disgrace to our profession.