Queensland-based Akhilesh Kamkolkar appeared at the Downing Centre Local Court charged with three counts of engaging in dishonest conduct and two counts of carrying on a financial services business without a licence.
ASIC has alleged that between January 2014 and February 2018, Mr Kamkolkar, as CEO and sole director of Orb Global Investments, obtained nearly one million dollars from four investors and failed to invest those funds according to their instructions.
“It is alleged Mr Kamkolkar represented to the four investors that the investments were low risk, and falsely, that he had invested the funds which were earning returns,” the corporate regulator said in a statement.
According to ASIC’s investigation, while $25,000 was repaid to one investor the balance of the funds was not recovered.
ASIC found that Mr Kamkolkar likely used the nearly one million dollars for his own personal benefit, to pay other clients of Orb Global or to pay business expenses, without the consent or knowledge of the four investors.
It is further alleged that between April 2015 and July 2015, and later between March 2016 and February 2018, Orb Global and Mr Kamkolkar carried on a financial services business even though neither held an Australian Financial Services (AFS) licence and were not authorised representatives of an entity holding an AFS licence.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral by ASIC.
The matter has been adjourned to 2 August 2022.
Stories like this are falling out with increasing frequency. What is going on? Do people who do this not realize they will eventually be caught? In the meantime honest advisers are increasingly being seen as shysters. The reputation also damage is enormous and the industry is shrinking and may reach a point where it is irrelevant. I hope not.
Well – they only go after the small fry mate – have anyone absolutely anyone in the banking world been held to account ?
Con people fill gaps, advice being more expensive and harder to provide has resulted in a gap. This will continue and only increase. Personally they should have seen a licensed financial planner rather than trusting someone who placed a Facebook ad in front of them. The one’s who should however be ashamed of themselves are ASIC and the politicians who created this environment.
Wonder if Jane Hume’s financial adviser levy paid for this investigation and court case.