ASIC permanently bans former WA adviser
ASIC has permanently banned a former Western Australia-based financial adviser after he falsified his adviser exam certificate.
Former adviser Dashiel Benjo Vee has been permanently banned by the regulator from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in the carrying on of a financial services business.
“ASIC found that Mr Vee engaged in conduct that was dishonest and demonstrated the opposite of integrity, sound judgement, trustworthiness, and professionalism,” the statement wrote.
The adviser was appointed by Cojag Pty Ltd between 4 October 2021 and 29 December 2021, as well as 27 March 2022 and 2 March 2023.
In particular, Vee acted dishonestly by providing his employer with a falsified financial adviser exam certificate. He also informed colleagues and an education provider that he passed the exam. Additionally, the former adviser misled 24 clients of Cojag about him meeting the prescribed education and training standard when he provided them with personal advice.
The Financial Advisers Register was updated to remove his appointment from 27 March 2022 after Cojag became aware that Vee had not passed the exam.
ASIC further found that Vee was not fit and proper, nor adequately trained and competent, to provide one or more financial services, and that he was likely to contravene a financial services law in the future. His banning has been recorded in ASIC’s banned and disqualified register.
Vee has a right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
Since 1 January 2019, professional standards have applied to advisers, including the requirement to pass the financial advisers exam. Advisers were required to pass the exam before 1 January 2022 to be able to continue providing personal advice to retail clients on relevant financial products.
Just last week, a similar case was brought to light regarding a separate exam falsification.
Sydney-based adviser Todd Karamian was permanently banned in March 2023 after he changed his financial adviser certificate from a fail result to a pass and sent the altered certificate to his licensee, Bluepoint Consulting. He also provided personal advice to 11 retail clients between 31 December 2021 and 9 September 2022 when he was not authorised to do so.
On 3 July 2024, Karamian saw his permanent banning amended following a successful appeal. According to ASIC, the AAT varied the regulator’s decision, reducing it to seven years.
Further details were uncovered about the former adviser who previously said: “I can’t help but feel the system failed me. FASEA didn’t need to be that way. Every human has a breaking point, and I broke.”
AUTHOR
Jasmine Siljic
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