Charge against former AWSM director dropped
The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn the charge against James Feng, a former director of Australasia Wealth Services and Management (AWSM), for authorising the making of a false or misleading statement to the corporate regulator.
The prosecution alleged that, on or about 21 January, 2020, while still a director of AWSM, Feng authorised a form being lodged with the Australian Securities and Investments Commission (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.
The CDPP conducted a further review of the matter and determined that the charge against Feng be withdrawn.
Feng was charged in August and was facing a maximum penalty of up to five years in prison.
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
