Following an investigation, the Australian Securities and Investments Commission has handed down a stiff penalty to a former authorised representative.
Ben Cheung of Epping, NSW, has been prohibited from providing financial services for ten years. The Australian Securities and Investments Commission (ASIC) banned him after finding he contravened several financial services laws.
Cheung was an authorised representative of Australia New Zealand Banking Group (ANZ) during the time the misconduct, took place.
Claims of Forged Signatures
The investigation found that between April 2013 and March 2014, Ben Cheung engaged in misleading and deceptive conduct by forging signatures of clients on statements of advice, investment instruction forms and an investment withdrawal form. He also created false bank documents, namely ANZ Advisor Diary Notes, and created false documents, namely Nil Advisory Service forms.
Upholding Confidence
«Cracking down on behavior like this goes to the heart of maintaining consumer trust and confidence. The banning of Mr Cheung demonstrates ASIC's Wealth Management Project is identifying and tackling this kind of fraudulent behavior,» said ASIC Deputy Chair Peter Kell.
Cheung has appealed to the Administrative Appeals Tribunal for a review of ASIC's decision.
