Powered by MOMENTUM MEDIA
subscribe to our newsletter

Former wealth director hit with false statement charges

Former wealth director hit with false statement charges
Tony Zhang
30 July 2021 — 1 minute read

A former director of a wealth management firm has been charged with authorising the making of a false or misleading statement to ASIC.

James Jianshu Feng, a former director of Australasia Wealth Services and Management Pty Ltd (AWSM), from Ryde, NSW, has been charged with authorising the making of a false or misleading statement to ASIC.

“ASIC alleges that, on or about 21 January 2020, while still a director of AWSM, Mr Feng authorised a form being lodged with ASIC that he knew falsely identified another person as being the director of AWSM from 31 July 2019. On 3 April 2020, AWSM was wound up in insolvency upon an application made by ASIC,” ASIC stated.

Advertisement
Advertisement

“Knowingly providing false or misleading information to ASIC is an offence under section 1308(2) of the Corporations Act.”

Mr Feng appeared before the Downing Centre Local Court on 20 July 2021 and pleaded not guilty.

The matter has been adjourned until 7 September 2021. The Commonwealth Director of Public Prosecutions is prosecuting the matter.

The maximum penalty for this offence is five years of imprisonment.

As this matter will be heard and determined in the Local Court of NSW, not the District Court of NSW, the maximum penalty is reduced to one year of imprisonment and/or a fine of up to $12,600.

The charge was brought against Mr Feng following an ASIC investigation into AWSM.

Previously, ASIC also cancelled the AFS licence of AWSM on 4 June 2019.

This follows a licence suspension by ASIC for AWSM’s failure to comply with its obligations as an AFS licence holder. AWSM breached its financial reporting and audit obligations as well as the requirement to obtain membership of the Australian Financial Complaints Authority (AFCA).

Former wealth director hit with false statement charges
asic 800x450 smsf
smsfadviser logo

Are you up to date with the legislative changes from 1 July? Contribution cap increases, super guarantees, age increases, SG rate increases. The budget announcement changes. Don’t be caught off guard by your clients’ questions. Prepare for any scenario with the SMSF Foundations course. 21 CPD hours available. Learn more

Arm yourself with the critical information that you need to ensure you and your clients continue to thrive in today’s changing environment at the free-to-stream SMSF Adviser Technical Strategy Day. Live streamed directly to you in October over three days, this event is jam-packed with expert-led sessions to arm you for success by providing the latest updates on regulatory and legislative changes impacting SMSFs. Secure your free spot today, visit www.smsfstrategyday.com.au

join the discussion

Latest poll

Do you have clients that are aged 65 or 66 planning to trigger the bring forward rules?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.