The Australian Securities & Investments Commission said Ashley Arandez, a former financial services director from Victoria, has been sentenced by the County Court of Victoria to five years and six months' imprisonment after pleading guilty to dishonest conduct, carrying on an unlicensed financial services business, and recklessly dealing with the proceeds of crime. The offences related to AUD 1.97 million received from investors while providing financial product advice, and he will be eligible for parole after serving three years and six months. Between September 2017 and April 2021, Arandez recommended that clients invest money from their self-managed superannuation funds into investment products he controlled, promising fixed interest returns of 8-12% per annum or up to 300% payable on maturity after three years. He was not licensed or authorised to provide financial services from 23 June 2019, most of the promised investments during 2019 to 2021 were not fulfilled, and some investor funds were used for personal purchases including property in his own name and a motorhome. The conviction automatically disqualifies him from managing corporations until five years after his release from prison. The matter was prosecuted by the Office of the Commonwealth Director of Public Prosecutions following an ASIC investigation and referral.

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