“Owing investors approximately $9 million (17-246MR). Many of the investors were pensioners and were approached by telemarketing or word of mouth. Investors were convinced to borrow against their homes and were told that their money would be used to develop property in Tasmania. Instead, the money paid by investors was used to pay back interest owed to other investors, payments to employees, cash withdrawals and transfers to personal bank accounts.”
Mr Yingjie Wang (also known as Jay Wang)
A Lawyer and accountant from Sydney NSW, has been permanently banned from providing financial Services
Since June 2011, Mr Wang has been involved in the management of at least 14 companies who hold, or held, an Australian Financial Services (AFS) licence. These companies include:
- LSG Group Pty Ltd (ACN 154 582 242) (formerly known as NZ Global Financial Trading Pty Ltd and Easy Capital Global Pty Ltd);
- Eagle Aetos Capital Pty Ltd (ACN 150 010 736) (formerly known as GSM Financial Group); and
- Hodgson Faraday Ltd (ACN 130 606 987) (formerly known as TM Index).
ASIC found Mr Wang was dishonest in that he knowingly caused Easy Capital Global Pty Ltd to use $100,000 of an investor's money for unauthorised purposes. Mr Wang also remained silent about a representation made to this same investor concerning the money which he knew to be false.
When examined by ASIC, Mr Wang was not forthcoming about his dishonesty and ASIC therefore found that Mr Wang was not of good fame and character.
ASIC Commissioner John Price said, 'ASIC will take action to remove dishonest persons from the financial services industry to protect the public.'
Mr Wang is seeking a review of ASIC's decision in the Administrative Appeals Tribunal.