ASIC slugs adviser with permanent ban

ASIC has permanently banned SMSF financial adviser (FA) Tram Tran of NSW after she allegedly transferred a client’s self-managed super fund (SMSF) into a trust account, for which she was the sole director, and after disqualifying her in July as SMSF auditor. Tran, an authorised representative under her Australian Financial Service (AFS) licence, was banned after an ASIC investigation into the alleged misappropriation of the client’s SMSF. ASIC found funds were withdrawn from a client’s SMSF accounts without authority and deposited into the trust account of Orchard Accountants Pty Ltd, for which Tran was the sole director and shareholder. ASIC also found Ms Tran:
  • failed to co-operate and assist the Australian Financial Complaints Authority (formerly the Financial Ombudsman Service) in responding to clients’ complaints and provide an explanation for the misappropriation of monies;
  • failed to promptly respond to ASIC’s notices to produce; and
  • provided false and misleading information to ASIC.

After the banning order against Tran, ASIC also cancelled her AFS licence and has been assisting the NSW Police in its investigation of Tran. ASIC saod Tran had held an AFS licence since July 2017.

Tran has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.