The Australian Securities and Investments Commission (ASIC) has banned Peter Jianchao Xu for five years from providing financial services following surveillance.
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Gold Coast director and property developer sentenced to eight years’ imprisonment
“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.”