Former wealth director hit with false statement charges

“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.

“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).