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The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn the charge against James Feng, a former director of Australasia Wealth Services and Management (AWSM), for authorising the making of a false or misleading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The CDPP conducted a further review of the matter and determined that the charge against Feng be withdrawn.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.
AUTHOR
Chris Dastoor
Recommended for you
A decade after being permanently banned from financial services, a former financial adviser will finally face court in WA following a failed bid to avoid extradition.
Only a third of Australians are willing to pay more than $500 for advice, thousands of dollars behind what advisers need to charge just to stay in business.
Generation Life CEO, Felipe Araujo, sees advisers as critical to the launch of its new longevity products, as it enters a strategic alliance with BlackRock.
Calder Wealth Management (CWM) has acquired a Melbourne-based financial planning business to strengthen its Victorian footprint.
