The corporate regulator has handed down a permanent ban to a former Westpac adviser over money he obtained from an elderly person unethically.
Muneer Mahmood Khan, who does not appear on the financial adviser register but whom ASIC described as a senior financial planner with Westpac, received a permanent ban after the regulator found him to be “not of good fame or character”.
Between April and December 2012, Mr Khan (also known as Ivan Khan) obtained $185,000 from an elderly person who had been a client while Mr Khan had been employed as an adviser with the bank, and failed to disclose that he was no longer a Westpac employee at the time.
“Mr Khan maintained that $125,000 was loaned to him to fund his development of a financial planning business and that the balance had been a gift from the client,” ASIC said in a statement.
“However, Mr Khan failed to ensure that his client obtained independent advice in relation to advancing funds to him; the funds were largely spent on personal expenses; and none of the funds were used to establish a business.”
The regulator found that Mr Khan’s request for money in advance was unethical, regardless of whether it was a gift or a loan.
“Mr Khan's client was a person in vulnerable circumstances, who was left in a financially perilous position because of Mr Khan's actions, which were opportunistic and egregious,” the statement said.
“Additionally, despite repeated requests by his client for repayment, and Mr Khan's ability to return part of the funds that he had obtained, Mr Khan only repaid $10,270 to his client.
“Westpac has engaged with the customer about remediation.”
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