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The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn the charge against James Feng, a former director of Australasia Wealth Services and Management (AWSM), for authorising the making of a false or misleading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The CDPP conducted a further review of the matter and determined that the charge against Feng be withdrawn.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
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
