ASIC slaps permanent ban on JJ Global director
The Australian Securities and Investments Commission (ASIC) has permanently banned NSW-based Vicky Bee Chin Lim from providing financial services.
According to ASIC, Lim was the sole director of JJ Global Network Pty Ltd (JJ Global), which was closely associated with a Malaysian-based entity called JJ Global Network Holdings BHD which offered foreign exchange investments under the business name, JJPTR.
Lim was banned after she and JJ Global engaged in certain activities without holding an Australian financial services licence (AFSL) or being authorised representatives of an AFSL holder, the regulator said.
ASIC found that between July 2016 and April 2017, Lim:
- set up JJ Global as an Australian office of JJPTR and was the only contact person in Australia for JJPTR investors;
- received more than $2.2 million worth of deposits from 1,400 investors into JJ Global’s bank accounts and her personal accounts;
- misused investor funds for her own purposes; and,
- engaged in dishonest conduct by creating false investor accounts to by-pass JJPTR investment amount restrictions and increase referral commissions she received.
ASIC said the order to permanently ban Lim was made on the grounds that she:
- provided financial services in Australia without an AFSL in contravention of s911A of the Corporations Act;
- engaged in dishonest conduct in contravention of s1041G of the Act; and
- was not of good fame or character.
Lim has the right to appeal to the Administrative Appeals Tribunal for a review of the decision, ASIC said.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
