An appeal by Sydney lawyer and accountant Yingjie Wang (also known as Jay Wang) against his permanent banning from providing financial services has been dismissed by the Federal Court of Australia.
In February 2017 the Australian Securities and Investments Commission (ASIC) permanently banned Wang after finding he had acted dishonestly in causing Easy Capital Global Pty Ltd to use an investor’s money for unauthorised purposes, and that he was not of good fame or character.
Wang was the director and sole signatory of the bank account of Easy Capital, which held an Australian financial services licence.
He had previously appealed via the Administrative Appeals Tribunal (AAT), whose findings were held up by the Federal Court on 21 July, 2019.
The AAT found Wang had a dishonest state of mind when he transferred an investor’s money to the bank account of a company in Seychelles with which he had a close relationship.