Fraudulent investment business owner charged and arrested
The Federal Court has made orders restraining Matthew Beresford from carrying a financial services business, and suspending the websites of Maxwell Financial Services and Asset Capital Holdings, while Beresford has been arrested and charged.
The company websites stated that its representatives held an Australian financial services licence (AFSL) and that the businesses were associated with Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
ASIC alleged these representations were false and the businesses had been operating without the necessary AFSL, and that a significant amount of money raised from retail investors had been dissipated.
ASIC had made the orders with the Federal Court granting them on 13 October, 2020.
The court also made orders to freeze all bank accounts associated with both websites and had restrained Beresford from travelling outside of Australia.
ASIC alleged in late 2019 Beresford established Maxwell Financial Services which offered financial services including the opportunity to invest in financial products with high annual returns.
He had offered these products and services through the website, a Facebook page, and advertisements on Melbourne radio station 3AW.
On 20 October, the Federal Court extended these orders and requested the websites become inaccessible to the public.
The matter is listed for a further hearing in the Federal Court on 8 February, 2021.
ASIC had asked anyone who had lost money associated with this matter to report any misconduct to them.
AUTHOR
Chris Dastoor
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