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The corporate regulator has moved to permanently ban a Sydney-based financial adviser and accountant from providing financial services following the alleged misappropriation of a clients’ SMSF funds.
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ASIC permanently bans dodgy accountant
05 February 2020
•
5 minute read
ASIC has permanently banned Tram Tran from providing financial services and has cancelled her Australian Financial Services licence.
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Ms Tran, the sole director and shareholder of Orchard Accountants Pty Ltd, was banned following an ASIC investigation that found funds were withdrawn from Ms Tran’s clients’ SMSF accounts without their authority and deposited into the trust account of Orchard Accountants.
ASIC also found that Ms Tran failed to co-operate and assist the Australian Financial Complaints Authority in responding to complaints made by clients and provide an explanation regarding the misappropriation of money; failed to promptly respond to ASIC’s notices to produce; and provided false and misleading information to ASIC.
Following the banning order against Ms Tran, ASIC has also cancelled Ms Tran’s AFS licence.
Ms Tran had previously been disqualified from being an SMSF auditor after ASIC found that she was not a fit and proper person.
ASIC has also disclosed that they are assisting NSW Police in relation to an investigation that they are conducting into Ms Tran.
Ms Tran has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.
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