Director charged with dishonest conduct and dealing with proceeds of crime
Ashley Vincent Arandez has been charged for carrying on an unlicensed financial services business and misleading clients into investing money from their superannuation to business ventures he controlled.
Arandez of Broadbeach, Queensland was charged with three counts of dishonest conduct and eight counts of dealing with proceeds of crime.
He was also charged with one count of carrying on a financial services business without holding an Australian Financial Services Licence (AFSL).
Arandez had not been licenced or authorised to engage in financial services from 23 June 2019.
Between September 2017 to April 2021, he carried on a business where he encouraged clients to roll over their superannuation into new self-managed superannuation funds (SMSFs) and invest in various business ventures that he controlled.
It was alleged he dishonestly represented the nature of the investments and obtained some $2.5 million based on false and misleading statements, including by suggesting their funds would be invested in property and cryptocurrency.
The Australian Securities and Investments Commission (ASIC) obtained orders from the Federal Court to freeze the assets of Arandez and five related entities last June, which were updated in February 2023 to include travel restraint orders preventing him from leaving the country.
Failure to hold an AFSL holds a maximum imprisonment of five years while engaging in dishonest conduct carried a maximum imprisonment of 10 years.
Intentionally dealing with the proceeds of crime carried a maximum imprisonment of 20 years.
Arandez was released on bail in June 2023 and was due to appear at the Melbourne Magistrates’ Court on 29 August 2023 for a committal mention.
The matter was being prosecuted by the Commonwealth Director of Public Prosecutions.
AUTHOR
Laura Dew
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