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The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn the charge against James Feng, a former director of Australasia Wealth Services and Management (AWSM), for authorising the making of a false or misleading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.

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The CDPP conducted a further review of the matter and determined that the charge against Feng be withdrawn.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.

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