Former Brisbane-based financial adviser Ben Jayaweera has faced six charges of fraud in the Brisbane Magistrates Court involving around $5.9 million following an investigation by the regulator.
The Australian Securities and Investments Commission (ASIC) alleged that between September 2013 to October 2015, Jayaweera “dishonestly caused a detriment to numerous clients whilst an authorised representative of Growth Plus Financial Group Pty Limited”.
Jayaweera was the director of Growth Plus, which held an Australian Financial Services license and operated an unregistered managed investments scheme known as the Australian Diversified Sector Income Fund (ADSIF), the regulator said.
ASIC alleged Jayaweera represented that ADSIF was a diversified fund, when in reality he was diverting the funds of investors into a single project – an abalone farm in South Australia which was operated by entities under his control.
The charges against Jayaweera carry a maximum penalty of up to 12 years imprisonment, ASIC said.
He was granted conditional bail and the matter was adjourned until 13 July, 2018.
