The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn a charge against an ex-director accused of making a false statement to ASIC.
On Wednesday (15 December), the corporate regulator confirmed the CDPP’s decision against James Jianshu Feng, former Australasia Wealth Services and Management (AWSM) director.
Last year ASIC alleged that while still a director of the firm – which was authorised to provide advice on a range of products since 2014 and had its licence cancelled in 2019 – Mr 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.
Mr Feng appeared at Downing Centre Local Court on 20 July this year, where he pleaded not guilty to the charge, which was made in connection with an ASIC investigation of the firm.
AWSM was wound up in insolvency following a court request from ASIC in 2020.
“The CDPP has conducted a further review of the matter and determined that the charge against Mr Feng be withdrawn,” ASIC said in a statement this week.
The CDPP has been contacted for further comment.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
Diverger has made an offer to acquire Centrepoint Alliance, a move that would create one of the largest licensees behind only Insignia and AMP.
The corporate regulator has outlined a key focus on product labelling and advertising.
The federal government has sought to clear up uncertainty about the status of crypto for tax purposes following the adoption of bitcoin as legal tende...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.