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.”
LOad of rubbish … this was not under ASICS Jurisdiction .. it’s a private lending matter ….
Read the article, he wasn’t even with Westpac, when this occurred !!
[quote=Anonymous]What is the management of Westpac doing?!?[/quote]
Probably getting ready to pay out the client despite the malefactor in question being ‘independent’ at the time. One of the benefits of making 100 zillion profit.
Another Westpac SCANDAL. the regulator needs to act asap
bring in the hounds
It OK though. ASIC just need to ensure he goes to UNI, gets the new degrees that FASEA are saying is necessary for all of us to upskill to and bingo – no more worries about fraudulent behaviour from the likes of Mr. Khan. Too simple, I don’t know why all the old riskies like me are objecting to more study to fix systemic problems like this in the industry. You see, not many realise, but the whole CBA/Storm debacle could have been avoided if only those pesky advisers were better educated . . . a uni degree or two and it all would have been different – nobody would have felt like lying, cheating or being in any way fraudulent. Education – degrees and other impressive paper bits – keeps all the consumers safe as houses. Let’s all get an armful of degrees ASAP so we can be part of the SOLUTION guys! Simples!! NOT!!!
what penalties will he face apart from his ban??????? more info pls
Did it after he left Westpac. Can’t blame management on this occasion.
Are his supervisors under investigation? Probably not
Why? He was not working at the bank when this happened. Try reading the article first before making silly comments. 😯
What is the management of Westpac doing?!?
Running Westpac? With a few issues to deal with along the way. Like any company.
Note the article states he was not employed by Westpac at the time. Perhaps you should read the article properly first before jumping on the anti-bank bandwagon!