An adviser previously licensed by now-defunct dealer group Australian Financial Services has been convicted in the NSW District Court on charges brought against them by ASIC.
Gabriel Nakhl faced court over eight charges of engaging in dishonest conduct with investor funds, and pleaded guilty to “being knowingly engaged in dishonest conduct in relation to 12 investors”, the corporate regulator said in a statement.
Nakhl’s conduct occurred between March 2009 and March 2011, while he was an authorised representative of the liquidated Australian Financial Services Limited (AFS Group), and March 2011 and September 2013, while he was the sole director of SydFA Pty Ltd, also in liquidation.
Nakhl was first charged with dishonest conduct in 2016 after entering an enforceable undertaking with the regulator in November 2013, which “permanently restricts him from providing financial services and restricts him from managing a corporation for 15 years”, the statement said.
“The matter has been listed for a three-day sentence hearing commencing on 11 March 2019,” ASIC said.
“The charges were brought against Mr Nakhl following an ASIC investigation. The Commonwealth Director of Public Prosecutions is prosecuting the matter.”
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