Following an ASIC investigation, Max Kiattisak Eung, of Tempe, New South Wales has been charged with two offences of obtaining financial advantage by deception.

ASIC alleges that between March 2016 and December 2016, Mr Eung dishonestly obtained a financial advantage of funds totalling $166,500 from accounts held with MLC Limited and Nulis Nominees (Australia) Limited in circumstances where the account holders did not authorise the withdrawal of those funds from their accounts.

Mr Eung was an authorised representative and financial adviser of NAB from 21 May 2015 to 20 December 2016. He was permanently banned by ASIC from providing financial services and engaging in credit activities in June 2018 (18-168MR).

The offences each carry a maximum penalty of 10 years imprisonment.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

Editor’s note:

The matter has been adjourned by consent for further mention on 7 May 2019 at the Downing Centre Local Court in Sydney.

Editor's note 2:

On 7 May 2019, Mr Eung was committed to the District Court of NSW in respect of the offences.

Mr Eung will appear before the District Court on 17 May 2019 where a date will be fixed for a sentencing hearing. In a signed statement provided to the Court on 7 May 2019, Mr Eung stated he will be pleading guilty to the offences and admitted his conduct as outlined in a Statement of Facts.

Editor's note 3:

On 17 May 2019, the matter was fixed for a sentencing hearing on 30
August 2019 on an estimate of 2-3 hours.

Editor's note 4:

The sentencing hearing before Her Honour Justice Sweeney concluded on 30 August 2019. A sentence will be handed down on 27 September 2019.