ASIC said former Australasia Wealth Services and Management (AWSM) director James Jianshu Feng had been charged with authorising the making of a false or misleading statement.
The regulator alleges 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.
“Knowingly providing false or misleading information to ASIC is an offence under section 1308(2) of the Corporations Act,” ASIC said.
The regulator said the maximum penalty associated with the offence was one year in prison or $12,600.
Mr Feng appeared at Downing Centre Local Court on 20 July and 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 matter has been adjourned at court until September.
Yeah, he said ASIC has integrity and was a professional organisation. No wonder he got his butt kicked.