Corporate regulator ASIC has permanently banned Melbourne-based financial adviser Kudzanai Philip Dzawo from providing financial services, performing any functions in a financial services business, and controlling an entity that operates a financial services business.
ASIC’s investigation found that Dzawo dishonestly attempted to persuade clients to transfer their superannuation funds into a bank account he controlled, using false and misleading statements.
“Dzawo was not a fit and proper person to provide financial services after he made false and misleading representations to clients, acted outside of his authorisation with his licensee, did not disclose his interest in an investment he recommended to clients, and demonstrated a serious lack of honesty, integrity, judgement, trustworthiness and professionalism,” ASIC said.
His professional affiliations included roles at Quadrant First and Link Advice Pty Ltd during the periods leading up to the ban.
Dzawo retains the right to appeal ASIC’s decision at the Administrative Appeals Tribunal.
The ban is part of ASIC’s ongoing efforts to maintain integrity in the financial services industry, with Dzawo's name now recorded on ASIC’s banned and disqualified register.
The latest ASIC decision follows the asset suspension of Brisbane-based Sunny Mahendra Prakash and his companies amid an investigation, and the disqualification of four directors for mismanagement.
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