Regulator bans convicted fraudster that offered illegal, unlicensed advice

The Australian Securities and Investments Commission has permanently banned Matthew Allen Beresford from engaging in financial services and credit activities, after he was convicted of false document and proceeds of crime offences last year.

Beresford had used a false identity and fraudulent bank accounts to establish a business that had “illegally offered financial advice and financial services”, ASIC said, while the business website also falsely claimed the company representatives held an Australian Financial Services (AFS) licence.

“An ASIC investigation revealed that investors deposited approximately $374,000 into the various bank accounts opened by Mr Beresford,” the regulator said.

“ASIC worked closely with Victoria Police (VicPol) on this matter, with VicPol initiating charges against Mr Beresford for various offences.”

In June last year, Beresford guilty in the County Court of Victoria to false document and proceeds of crime offences and was sentenced to 85 days imprisonment and a 30-month Community Corrections order.

“ASIC’s banning action against Mr Beresford’s seeks to promote fairness, honesty and professionalism by those who provide financial and credit services and ensure informed participation of investors and consumers in the financial system,” ASIC said.

In late 2019, Beresford established Maxwell Financial Services, which offered financial services, including the opportunity to invest in financial products with high annual returns. He offered these products and services through a website, a Facebook page and advertised on Melbourne radio station, 3AW.

In October 2020, ASIC secured Federal Court orders to restrain Beresford from carrying on a financial services business, alongside freezing all bank accounts associated with Maxwell Financial Services and Asset Capital Holdings.

In addition to claiming that it an AFSL, the Maxwell Financial Services website also claimed the business was associated with ASIC and the Australian Prudential Regulation Authority (APRA).