ob体育 has permanently banned financial advisor Tram Tran from providing financial services and has cancelled her Australian financial services licence (AFS licence).
Ms Tran was banned following an ob体育 investigation in relation to alleged misappropriation of client self-managed superannuation funds (SMSF). Ms Tran was a financial advisor and an authorised representative under her AFS licence.
ob体育 found that funds were withdrawn from Ms Tran鈥檚 client鈥檚 SMSF accounts without their authority and deposited into the trust account of Orchard Accountants Pty Ltd, for which Ms Tran was the sole director and shareholder.聽聽
ob体育 also found that Ms Tran:
- failed to co-operate and assist the Australian Financial Complaints Authority (AFCA, formerly known as the Financial Ombudsman Service) in responding to complaints made by clients and provide an explanation regarding the misappropriation of monies;
- failed to promptly respond to ob体育鈥檚 notices to produce; and
- provided false and misleading information to ob体育.
Following the banning order against Ms Tran, ob体育 has also cancelled Ms Tran鈥檚 AFS licence.
ob体育 has also been assisting the NSW police in relation to an investigation that they are conducting into Ms Tran.
Background
Ms Tran held AFS licence number 488734 since 28 July 2017.聽 Under the Corporations Act, ob体育 has the power to suspend or cancel an AFS licence, if a licensee does not comply with its general obligations under s912A.
ob体育 has also disqualified Ms Tran from being an SMSF auditor after ob体育 found that she was not a fit and proper person (See 19-189MR).
Ms Tran has the right to seek a review of ob体育鈥檚 decision at the Administrative Appeals Tribunal.聽
Editor's note:
On 10 February 2020, ob体育 amended the order cancelling Ms Tran鈥檚 AFS licence to include conditions that she maintain membership with the Australian Financial Complaints Authority (AFCA) until 1 March 2021.聽If you think you may have been affected by Ms Tram Tran鈥檚 activities, you can contact AFCA on 1800 931 678