ASIC has permanently banned Melbourne-based financial adviser Patrick Nong from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.
Mr Nong was banned for failing to comply with a financial services law, namely for engaging in conduct in relation to a financial product or a financial service, that is misleading or deceptive or is likely to mislead or deceive.
Mr Nong was employed by 360 Financial Strategists Pty Ltd (360FS), a financial planning firm based in Melbourne, and provided financial advice to clients as an Authorised Representative of AMP Financial Planning Pty Ltd (AMPFP), now known as Akumin Financial Planning Pty Ltd.
On three occasions between October 2023 and September 2024, Mr Nong signed documents on behalf of four clients without their consent. He did so by using systems to record a meeting and dishonestly sign consents on behalf of the clients, before sending the false documents to be processed. This resulted in fees being taken from the clients' superannuation account. The clients did not meet with Mr Nong or sign any documents.
ASIC found Mr Nong was motivated to act dishonestly by personal benefit, being his continued employment. His dishonest conduct constituted a gross breach of trust with his clients.
In deciding to permanently ban, ASIC found:
- Mr Nong is not a fit and proper person to provide one or more financial services, perform one or more functions as an officer of any entity that carries on a financial services business and/or control an entity that carries on a financial services business because he engaged in dishonest conduct by creating false documents purporting to be signed by his clients, and
- Mr Nong does not have the honesty, character, trustworthiness or integrity required to be a fit and proper person to participate in the financial services industry.
Mr Nong's employment with 360FS has been terminated. AMPFP has revoked his authorisation, and he is no longer an Authorised Financial Services Representative.
Mr Nong's banning has been recorded on ASIC's Banned and disqualified register.
Mr Nong has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.
