Adelaide adviser charged with company book falsification
An Adelaide financial adviser has been charged with falsifying company books following an investigation by the Australian Securities and Investment Commission (ASIC).
Tai Thanh Nguyen, who was previously banned by ASIC for dishonest conduct in 2019, was charged with seven counts of alleged falsification of company books.
He operated a business called Financial Wealth Advisers from around July 2005. From 6 December, 2011-4 August, 2015, he was an authorized representative (AR) of GWM Adviser Services. Since 5 August, 2015, he had been an AR of Interprac Financial Planning Pty Ltd.
ASIC alleged between February 2010 and December 2018, he falsified company books while carrying out his financial planning and advice business.
It was further alleged that Nguyen inserted signatures and dates and altered documents relating to two of his clients, to look like he was compliant with his obligations as an AR of the Australian financial services licensees.
The maximum penalty for each charge was two years’ imprisonment and/or 100 penalty units. When dealt with summarily, the maximum penalty was 12 months’ imprisonment and/or 60 penalty units.
The matter would proceed in Adelaide Magistrates Court and had been listed for a further mention on 5 August, 2022.
This matter was being prosecuted by the Commonwealth Director of Public Prosecutions following a referral by ASIC.
AUTHOR
Laura Dew
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
