ASIC slaps permanent ban on former NAB employees
The Australian Securities and Investments Commission (ASIC) has permanently banned former National Australia Bank (NAB) employees, Danny Merheb and Samar Merjan, from engaging in credit activities and providing financial services.
NAB alerted ASIC that its former employees were accepting false documents, primarily provided to them by a third person, in support of loan applications.
An investigation found that Merheb had recklessly given NAB false payslips, letters of employment, bank statements and statutory declarations in respect of home applications, while Merjen recklessly gave NAB false payslips and letters of employment in respect of personal loan and credit card applications.
ASIC also found that Merheb falsely attributed a loan as being referred to NAB by a friend for the friend to receive commission dishonestly.
Merjan was found to have assisted the third person in the creation of the two false documents, and she was twice offered cash by the third person to process lending applications.
The two were permanently banned on 29 June this year, but ASIC’s investigation is continuing.
AUTHOR
Anastasia Santoreneos
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
