The Australian Securities and Investments Commission (ASIC) announced on Friday that it has permanently banned a former senior financial planner, Muneer Mahmood Khan.

Mr Khan, also known as Ivan Khan, was banned from providing financial services after ASIC determined that he was “not of good fame or character, and that he had acted unethically”.

ASIC explained that between April and December 2012, the financial planner obtained $185,800 from an elderly client. The client had been a client of Mr Khan’s when he was employed at Westpac, and as such held him in a position of trust.

However, Mr Khan did not disclose to the client that he was no longer a Westpac employee.

“Mr Khan maintained that $125,000 was loaned to him to fund his development of a financial planning business and that the balance had been a gift from the client,” ASIC related.

However, ASIC said, “Mr Khan failed to ensure that his client obtained independent advice in relation to advancing funds to him, the funds were largely spent on personal expenses, and none of the funds were used to establish a business.”

Further, Mr Khan repaid only $10,270 to the client, despite the client’s repeated requests, and the adviser’s ability to return a portion of the funds.

ASIC concluded that Mr Khan’s request for his client to advance him money was unethical and determined that, as a result of Mr Khan’s “opportunistic and egregious” actions, the client was left in a “financially perilous position”.

Westpac has contacted the client about remediation and Mr Khan’s banning will be recorded on ASIC’s Financial Advisers Register.

Mr Khan worked at Westpac from May 2006 to March 2012, after which he was a financial planner at Yellow Brick Road Wealth Management from July 2013 to November 2014.

From March 2015 to January 2017 he was a financial planner at NAB.