Brisbane man pleads guilty to illegal managed investment scheme
A Brisbane man has pleaded guilty in the Brisbane District Court following an investigation by the Australian Securities and Investments Commission (ASIC) into the operation and promotion of an illegal managed investment scheme.
Brett Tony Best of Middle Park, Brisbane, pleaded guilty to one charge of operating an unregistered managed investment scheme, one charge of dishonestly gaining a financial advantage for himself worth $30,000 and six charges of dishonestly gaining a financial advantage for Arafura Equities Pty Ltd (Arafura), worth $330,000, according to ASIC.
ASIC’s investigation into the scheme — which was operated by Arafura from 2003 and involved the trading of funds on the foreign currency exchange — found that Arafura, Best and promoters induced some 200 clients, primarily located in south-east Queensland, to invest money in the scheme between January 2003 and August 2005.
Best has been remanded in custody until his sentencing on July 24, 2009.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
