Ashley Vincent Arandez, of Broadbeach, Queensland has appeared at the Melbourne Magistrates Court charged with three counts of dishonest conduct contrary to section 1041G of the Corporations Act and eight counts of dealing with proceeds of crime contrary to section 400.4 of the Criminal Code Act 1995.
Mr Arandez has also been charged with one count of carrying on a financial services business without holding an Australian Financial Services licence contrary to section 911A of the Corporations Act.
Following an ASIC investigation, it is alleged that between September 2017 to April 2021, Mr Arandez was promoting and carrying on a financial services business where he encouraged clients to roll over their superannuation into new self-managed superannuation funds and invest in various business ventures that he controlled.
It is alleged he dishonestly represented the nature of the investments being offered to clients.
Mr Arandez was arrested on 6 June 2023. He appeared at a filing hearing that day where he was released on bail to appear at the Melbourne Magistrates Court on 29 August 2023 for a committal mention.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Background
Failing to hold an AFSL is an offence under the Corporations Act and, at the time of the offending, carried a maximum imprisonment of five years. Mr Arandez was not licenced or authorised to engage in financial services from 23 June 2019.
Engaging in dishonest conduct in relation to a financial product or financial service whilst carrying on a financial services business is an offence under the Corporations Act and, at the time of the offending, carried a maximum imprisonment of ten years.
Intentionally dealing with the proceeds of crime is an offence under the Criminal Code Act 1995 and carries a maximum imprisonment of 20 years.
In 2022, ASIC obtained orders from the Federal Court freezing the assets of Mr Arandez and five related entities. These orders were updated in February 2023 to include travel restraint orders preventing Mr Arandez from leaving Australia or attempting to leave Australia (22-156MR).
