ASIC

By most accounts, it was a big year for Australia's corporate regulator, which handed out a fair few permanent bans and addressed other financial services ...

[was also sentenced to three years in prison ](https://superreview.moneymanagement.com.au/news/superannuation/former-perth-adviser-sentenced-super-theft)for dishonestly obtaining over $35,000 from his clients’ superannuation accounts. [banned for 10 years ](https://www.moneymanagement.com.au/news/policy-regulation/asic-bans-melbourne-based-former-adviser)from providing financial services or engaging in credit activities after he breached COVID-19 travel laws and falsifying documents to attend the AFL grand final in Perth. He had been previously banned for seven years after ASIC found he had failed to act in the best interests of his clients when advising them to establish a self-managed superannuation fund (SMSF) to purchase properties. Although an authorised representative of an AFS licensee, Guan traded shares and managed discretionary accounts for clients although his authorisation did not permit him to do so. [pleaded guilty](https://www.moneymanagement.com.au/news/financial-planning/former-perth-adviser-pleads-guilty-dishonest-conduct) to one charge of engaging in dishonest conduct and one charge of providing financial services on behalf of a person who carries on a financial services business while unauthorised to do so. [was convicted ](https://www.moneymanagement.com.au/news/financial-planning/former-adviser-convicted-fraud)on two charges of using false documents to obtain a financial advantage or cause a financial disadvantage by using false off-market transfer forms to transfer shares in three holdings to himself and an associate without the knowledge or authority of the 14 owners of the shares. [was permanently banned](https://www.moneymanagement.com.au/news/financial-planning/what-went-wrong-totem-wealth) in October from providing financial services after ASIC found he “lacked the honesty, integrity, professionalism and sound judgement expected of someone working in the financial services industry”. It was found that he inappropriately advised clients to invest, and stay invested, in complex structured financial products. [ was also permanently banned](https://www.moneymanagement.com.au/news/policy-regulation/nsw-adviser-banned-asic) from performing any function involved in the operation of a financial services business or controlling, whether alone or with others, an entity that operates a financial services business. [providing financial services for three years](https://www.moneymanagement.com.au/news/policy-regulation/asic-bans-melbourne-based-adviser-three-years) for recommending his clients invest in a high-risk fund which did not match his clients’ risk profiles or experience and in which he had a specific interest. [providing financial services](https://www.moneymanagement.com.au/news/financial-planning/asic-bans-adelaide-adviser-over-early-super-release) for five years. [seven counts of allegedly falsifying his company books](https://www.moneymanagement.com.au/news/financial-planning/adelaide-adviser-charged-company-book-falsification).