WA adviser who faked qualifications gets permanent ASIC ban

The Australian Securities and Investment Commission (ASIC) has permanently banned a former WA-based financial adviser after he allegedly fabricated his qualifications.

The former adviser, Dashiel ‘Dash’ Vee, was found by the financial services regulator to have provided his employer, Cojag (which trades as Horizon Financial Planners), with a falsified Financial Adviser Exam certificate.

ASIC also alleges that Vee lied to his colleagues, more than 20 clients, and an education provider that he had passed the Financial Adviser Exam and met the prescribed qualifications to practice (a requirement for financial advisers practicing in Australia since 1 January 2019).

Vee served as a financial adviser with Cojag between 4 October 2021 and 29 December 2021, and 27 March 2022 to 2 March 2023.

As well as his permanent banning from practicing as a financial adviser, Vee has also been barred from controlling an entity that carries on a financial services business or from performing any function involved in the carrying on of a financial services business.

Vee, ASIC wrote in a statement issued today, was “not fit and proper, nor adequately trained and competent, to provide one or more financial services, and that he was likely to contravene a financial services law in the future”.

The regulator confirmed that Vee has a right to appeal ASIC’s decision at the Administrative Appeals Tribunal (AAT).

Last week, the AAT overturned ASIC’s permanent banning of financial adviser Todd Karamian, who was alleged to have falsified his financial adviser exam result. The tribunal, whilst upholding Karamian’s guilt, instead issued him with a seven-year ban.

Presiding judge, Justice Emilios Kyrou reasoned in his decision that Karamian had accepted responsibility and felt remorse for his infraction, engaged in further study prior to the banning, did not cause any financial loss to any of his clients, and while “he benefitted financially from his wrongdoing, his financial benefit was not at the expense of anyone else”.

Justice Kyrou added, however, that a lengthy ban was necessary “in order to uphold the integrity of the industry”.

“[It] is essential that the period of the banning order which is made in relation to the applicant is sufficiently lengthy to convey to others who are in the industry – or aspire to join it – that conduct of the type engaged in by him will result in a lengthy banning period, so as to deter them from engaging in such conduct.”

ASIC confirmed that Vee’s banning has been recorded in its banned and disqualified register.

ASIC confirmed that Cojag had informed it of its client review and remediation measures in response to Vee’s conduct. The advisory firm, ASIC said, has also cooperated with its enquiries.