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The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn the charge against James Feng, a former director of Australasia Wealth Services and Management (AWSM), for authorising the making of a false or misleading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The CDPP conducted a further review of the matter and determined that the charge against Feng be withdrawn.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.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
