ASIC permanently bans Sydney-based adviser

BREAKING A Sydney-based adviser currently under investigation by the NSW police has been permanently banned from providing financial services by ASIC.

Tram Tran was banned following an ASIC investigation in relation to alleged misappropriation of client self-managed superannuation funds. ASIC found that funds were withdrawn from the SMSF accounts of clients without their authority and deposited into the trust account of Orchard Accountants, of which Ms Tran was the sole director and shareholder.

ASIC found that Ms Tran failed to co-operate with and assist the Australian Financial Complaints Authority (AFCA) in responding to complaints made by clients and did not provide an explanation regarding the misappropriation of funds. She also failed to promptly respond to ASIC’s notices to produce, and provided false and misleading to ASIC.

Following the banning order against Ms Tran, ASIC also cancelled Ms Tran’s AFS licence and disqualified her from being an SMSF auditor. The regulator has been assisting the NSW police in relation to an investigation it is currently conducting into Ms Tran.

ASIC permanently bans Sydney-based adviser
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