Former Westpac adviser banned for misleading ASIC
Former Westpac “executive business financial adviser” Ezzat-Daniel Nesseim has been permanently banned from providing financial services after he was found to have engaged in false and misleading conduct.
Mr Nesseim's misconduct was uncovered by ASIC's Wealth Management Project probe into the largest financial advice organisations, including Westpac's licensees.
In the course of that investigation, ASIC found that Mr Nesseim deceptively modified documents provided in evidence to ASIC and also made false statements under oath. The documents in question were wholesale client certificates that the adviser backdated in what ASIC says was an effort to avoid further inquiries from the regulator.
He is the 46th institutionally-aligned adviser banned by ASIC as part of the Wealth Management Project.
The former adviser left Westpac in 2013 after seven years at the bank and became an authorised representative of non-bank dealer Fortnum until 2016 and then Libertas from 2016 to March of this year.
"Providing false evidence to ASIC in an attempt to avoid scrutiny by the regulator is reprehensible and does not uphold the attributes of honesty and integrity required of a financial adviser," said ASIC's Louise Macaulay in a statement.
ANZ makes changes to advice model
ANZ has announced it will stop offering a financial advice service to new custo...
ASIC reveals motivation behind enforcement strategy
The corporate regulator has elaborated on why it has decided to undertake a stra...
YBR announces offloading of advice business
Yellow Brick Road has decided to begin a process of either disposing of, outsour...