Ben Jayaweera, the former director of the now-defunct Growth Plus Financial Group, has fronted Brisbane Magistrates Court today after ASIC alleged he had “dishonestly caused a detriment to numerous clients” during his time with the business.
Mr Jayaweera, who the regulator describes as a ‘financial adviser’ despite not appearing on the ASIC register, received a permanent ban after the regulator found he had recommended clients invest in an investment scheme operated by his business without reasonably assessing clients’ needs and goals.
“ASIC alleges Mr Jayaweera represented that [the investment scheme] was a diversified fund when, in reality, he was diverting the funds of investors into a single project; an abalone farm in South Australia which was operated by entities under his control,” ASIC said.
“The charges against Mr Jayaweera are contrary to section 408C of the Criminal Code (Qld) and carry a maximum penalty of up to 12 years imprisonment.”
Mr Jayaweera was granted conditional bail and the matter was adjourned until 13 July 2018, the statement said.
Does anyone know what the six counts of fraud relate to and what they are?
Another ASIC stuff up. When will accurate, prompt, clear and true reporting be presented on behalf of the Financial Planning profession. ASIC and FOS (or their new name) are disgraceful Departments/Organisations. Sorry, I forgot, they are both behind the Union Super Funds plans to eliminate independent advisers from the market to allow them to continue their false declaration of fees and charges.
There are 75 people involved in this scam although only 6 charges have been laid against him and the total amount of lost money exceeds $22 million. 12 years is not enough for this person who has destroyed so many mum and dad investors including myself.
Perhaps the victims could ask the judicial system to extend the sentence.
Why would ASIC call this guy a financial adviser? Isn’t that term enshrined in law? The regulator should be held accountable for this. The image of financial advisers is constantly tarnished by mis-reporting. The constant unfounded negativity could be another reason for the exodus from the industry.
Not a protected term yet. This is similar to another Financial Adviser in the news at the moment…a certain Cardinal George Pell. Financial Adviser to the Church. At least IFA makes correct reference and understands the damage it does. A certain other trade publication with the initials MM constantly publishes articles referring to every person banned that has any connection whatsoever to the financial services industry an “adviser”.
Abalone farm ? Sounds a bit fishy to me !!
He isn’t a financial adviser if he isn’t registered.