Former SydFA financial advisor has been banned permanently due to questionable conduct.

The Australian Securities and Investments Commission has accepted an enforceable undertaking from a Sydney financial advisor which permanently prevents him from providing financial services.

Gabriel Nakhl is being investigated for his conduct over three years at SydFA Pty, which is now in liquidation. In a statement on its website, the ASIC said that it is concerned that Nakhl gave unauthorised financial product advise or did it without reasonable basis, made false and misleading statements about expected returns to the clients of investments he promoted, failed to carry out his duties are a director and improperly used this position to gain an advantage for himself.

Nakhl is said to have advised clients to advance money to him so he could invest it in a high interest rate account on their behalf. The ASIC said it is concerned that Nakhl instead spent the money for personal purposes.

Aside from the permanent ban, Nakhl also agreed to not manage any company for 15 years.