Ex-adviser charged for fabricating wholesale certificates
Former NSW financial adviser, Ezzat-Daniel Nesseim, has been charged with 16 offences including fabricating wholesale client certificates.
An announcement by the Australian Securities and Investments Commission (ASIC) said Nesseim ran Smart Financial Strategies and was currently the general manager of Accord Partners, a business operated by Foresight Enterprises, of which he was the sole director.
ASIC alleged that Nesseim:
- Provided three wholesale client certificates to ASIC which were backdated in the hope they would be accepted by ASIC as genuine and cause ASIC to cease or modify its inquiries;
- In response to questions raised regarding these certificates, gave false answers and information to ASIC under oath; and
- Affirmed that a written statement provided to ASIC was true, when it contained statements Nesseim knew to be false.
ASIC also alleged, during a hearing before an ASIC delegate to ban Nesseim from providing financial advice, that Nesseim:
- Made use of evidence which he had fabricated, including doctored emails attached to his written statement, and purported witness statements from individuals; and
- Gave false answers and information under oath.
The case would return to court on 20 April, 2021, for mention.
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.
