Former director of Australasia Wealth Services and Management (AWSM), James Feng, has been charged with authorising the making of a false or misleading statement to the Australian Securities and Investments Commission (ASIC).
According to the regulator, in January, 2020, Feng authorised a form being lodged with ASIC that he knew falsely identified another person as being the director of AWSM from 31 July 2019. Following this, on 3 April 2020, AWSM was wound up in insolvency upon an application made by ASIC.
Knowingly providing false or misleading information to ASIC was an offence under section 1308(2) of the Corporations Act.
ASIC said the maximum penalty for this offence was five years imprisonment and the matter would be heard and determined in the Local Court of NSW not the District Court of NSW, with the maximum penalty reduced to one year imprisonment and/or a fine of up to $12,600.
Feng appeared before the Downing Centre Local Court on 20 July, 2021 and pleaded not guilty.
The matter has been adjourned until 7 September, 2021.