‘Not only criminal but evil’: Former Brisbane adviser sentenced
A former Brisbane financial adviser has been sentenced after being found guilty of 28 counts of fraud totalling $5.9 million.
Ben Jayaweera, a former financial adviser and director of Growth Plus Financial Group Pty Ltd, was found guilty of six charges of fraud contrary to section 408C(1)(e) Criminal Code Act 1899 (Qld) on 23 August in the Brisbane District Court.
The six counts on the indictment related to 28 transactions affecting 12 clients. The offending took place between August 2013 and November 2015, resulting in a total detriment of $5,958,870 to 12 of his former clients.
He was sentenced to 12 years’ imprisonment on 26 August and will be eligible for parole after six years with 977 days of pre-sentence custody declared as time already served.
In the sentencing remarks, Judge Moynihan KC described his conduct as “brazen, gross and callous”, and there had been a gross breach of trust which had caused victims to suffer substantial personal and financial harm.
“His actions were not only criminal but evil, demonstrating no remorse.”
ASIC deputy chair Sarah Court said: “ASIC is committed to pursuing criminals who commit serious harm against individuals and act dishonestly, as was the case here. Mr Jayaweera’s actions betrayed the trust of his clients, with some clients at or near retirement age, and caused them significant financial harm. This sentence demonstrates that such behaviour will not be tolerated.”
A jury delivered the guilty verdict on all 28 counts on the indictment, following a three-week retrial of the case.
He had originally been sentenced to 12 years’ imprisonment for the case back in October 2019, with a minimum of six years to be served before becoming eligible for parole. He then appealed the case in November 2019 which was heard by the Queensland Court of Appeal in November 2021; the conviction was quashed and a retrial was ordered in June 2022.
At the time, the Court of Appeal allowed the appeal on grounds, including that deficiencies in the trial judge’s directions to the jury resulted in a miscarriage of justice.
ASIC alleged he induced various investors to transfer funds through his company, Growth Plus Financial Group. This included funds from clients’ self-managed superannuation funds for investment into an unregistered managed investment scheme, known as the Australian Diversified Sector Income Fund (ADSIF).
Jayaweera claimed ADSIF was a diversified fund investing in cash, property, shares, aquaculture and agriculture, when the only investment was a single project – an abalone farm in South Australia operated under his control.
ASIC also alleged Jayaweera invested some clients’ superannuation funds into ADSIF without their knowledge or permission.
The matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following an investigation and referral by ASIC.
AUTHOR
Laura Dew
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