Illegal advice lands Melbourne individual with permanent ban
ASIC has permanently banned a Melbourne individual who illegally provided financial advice which led investors to deposit $374,000 into his bank accounts.
Matthew Allen Beresford of Thornbury, Victoria was permanently banned from engaging in financial services and credit activities.
An investigation by the corporate regulator found Beresford used a false identity and fraudulent bank accounts to establish a business which illegally offered financial advice and financial services. His business website also falsely claimed that the representatives at this business held an AFSL.
As a result of this action, investors deposited approximately $374,000 into the various bank accounts opened by him.
Orders restraining Beresford from carrying out a financial services business were first made in October 2020, and the websites of Maxwell Financial Services and Asset Capital Holdings were suspended. The Federal Court also made orders to freeze all bank accounts associated with both websites and had restrained Beresford from travelling outside of Australia.
ASIC alleged in late 2019, Beresford established Maxwell Financial Services which offered financial services including the opportunity to invest in financial products with high annual returns. He had offered these products and services through the website, a Facebook page, and advertisements on Melbourne radio station 3AW.
In February 2021, these orders were extended until further order of the court.
On 27 June 2024, he pleaded guilty in the County Court of Victoria to false document and proceeds of crime offences, and was sentenced to 85 days’ imprisonment and a 30-month community corrections order.
ASIC worked closely with Victoria Police on this matter which initiated its own charges against Beresford for various offences.
His banning has been registered on the banned and disqualified register.
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