Ascent's Dunjey charged with 33 criminal offences
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Dunjey of Hampton, Victoria appeared at the Perth Magistrates Court on 9 May to hear the charges.
He is charged with:
- 23 counts of fraudulently obtaining a benefit under section 409 of the Criminal Code 1913 (WA), in relation to more than $4 million in investor funds.
- Five counts of failing to act in good faith under section 184 of the Corporations Act 2001, relating to the use of just under $2.5 million.
- Five counts of falsifying books relating to a company under section 1307 of the Corporations Act 2001, relating to the company’s annual returns.
The maximum penalty for each offence of fraud under the Criminal Code in Western Australia is seven years’ imprisonment, or 10 years if the person deceived is 60 years or older. For each offence of section 184 is 15 years’ imprisonment; and five years’ imprisonment for each charge of section 1307 of the Corporations Act.
The charges follow an ASIC investigation arising from concerns that Ascent Investment and Coaching Pty Ltd may have raised funds through misrepresentations made to investors and improperly dealt with investor funds.
ASIC took civil action in the Federal Court in 2022 to wind up Ascent and the unregistered managed investment scheme it operated as it was alleged that Ascent was producing little business-generated revenue and being sustained almost entirely through borrowings and its primary means to make payments on loans was via money received from other loans. It also had substantial liabilities in comparison to its assets and inaccurate financial records.
The court ordered the firm and its respective unregistered managed investment scheme to be wound up in April 2023.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions and has been adjourned to 4 July 2025.
AUTHOR
Laura Dew
Recommended for you
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
