ASIC has permanently banned former financial adviser Ezzat-Daniel Nesseim from performing any function involved in the operation of a financial services business or controlling, whether alone or with others, an entity that operates a financial services business.
The ban follows Mr Nesseim’s conviction for engaging in dishonest conduct, for providing forged documents to ASIC and lying to ASIC when questioned about those documents (22-110MR).
Under the Corporations Act, ASIC may permanently ban a person from the financial services industry if they are convicted of a fraud offence.
This banning order serves to further protect consumers by widening an existing ban handed down by ASIC in 2018 that permanently prohibited Mr Nesseim from providing any financial services (18-142MR).
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Mr Nesseim was also permanently banned from engaging in credit activities from 19 July 2019, after he was found not to be a fit and proper person to engage in credit activities.
Mr Nesseim’s banning will be recorded on ASIC’s Banned and Disqualified Register.
Mr Nesseim has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Background
On 2 March 2021, Mr Nesseim appeared in the Downing Centre Local Court in Sydney, charged with repeatedly engaging in dishonest conduct (21-038MR).
In November 2021, he pleaded guilty to five charges (21-308MR).
In May 2022, he was sentenced to a three-year intensive correction order, including a 12-month home detention order (22-110MR).
Originally published by ASIC
