MIS promoter gets jail
A Brisbane man has been sentenced to 13 years’ jail after pleading guilty to charges flowing from an Australian Securities and Investments Commission (ASIC) investigation into an unregistered managed investment scheme, Arafura Equities Pty Ltd.
Brett Tony Best, a director of Arafura Equities, plead guilty to one charge of operating an unregistered managed investment scheme, one charge of dishonestly gaining a financial advantage for himself worth $30,000 and six charges of dishonestly gaining a financial advantage for Arafura, totalling $330,000.
The ASIC investigation involved Arafura’s operation and promotion of an illegal managed investment scheme from 2003, which involved the trading of funds on foreign currency markets.
The investigation found that Arafura, Best and the promoters induced 200 clients, primarily located in south-east Queensland, to invest money in the scheme between January 2003 and August 2005.
Two other promoters of the scheme have previously received custodial sentences.
AUTHOR
Mike Taylor
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