ASIC breach case against former adviser Nesseim moves to Sydney court

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ASIC breach case moves to court

Highlights

Former adviser Ezzat-Daniel Nesseim faces seven charges in Sydney court for allegedly breaching ASIC permanent banning orders between June 2022 and December 2024.
ASIC alleges Nesseim ran functions for three financial businesses and provided financial advice to four consumers despite permanent bans imposed in 2018, 2019, and July 2022.
The court set 8 December 2026 as the deadline for the brief of evidence and next scheduled mention, with prosecution led by the Office of the Director of Public Prosecutions.

Charges and court timetable

As reported by ASIC, former financial adviser Ezzat-Daniel Nesseim appeared in the Sydney Downing Centre Local Court and faces seven charges of allegedly engaging in conduct that breached permanent banning orders issued by the regulator.

ASIC alleges that between June 2022 and December 2024, Nesseim carried out functions involved in running a financial services business for three businesses and provided personal financial product advice to four consumers. The regulator says both categories of conduct breached permanent banning orders made under sections 920A and 920B of the Corporations Act 2001.

The matter is being prosecuted by the Office of the Director of Public Prosecutions, following a referral from ASIC. The court ordered the brief of evidence to be served by 8 December 2026, and the matter is next listed for mention on the same date.

Regulatory background and industry implications

ASIC says its permanent banning orders are intended to protect consumers and preserve the integrity of Australia's financial services industry, and that it takes action where it alleges those orders have been breached.

Nesseim was permanently banned by ASIC from providing financial services on 28 February 2018. He was then permanently banned from engaging in credit activities on 19 July 2019.

On 13 May 2022, Nesseim was sentenced to a three-year intensive correctional order, including one year of home detention, for engaging in dishonest conduct and providing falsified documents to ASIC. On 14 July 2022, ASIC issued a further permanent banning order preventing him from controlling an entity that carries on a financial services business and from performing any function involved in such a business.

Our earlier article covered the ACCC’s Federal Court proceedings alleging that 12 Australian egg producers and suppliers coordinated production, distribution and expansion decisions in ways that reduced competition. We noted the case’s focus on alleged concerted practices involving Sunny Queen and others, with the regulator arguing the conduct may have limited supply options and affected pricing in a staple household market.

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