ASIC has permanently banned Mr Max Kiattisak Eung (also known as Kiattisak Eungpongpan), of Tempe, New South Wales from providing financial services and engaging in credit activities.
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.
ASIC has banned Mr Andrew TambyRajah, a former employee of ANZ Financial Planning, from providing financial services for a period of five years.
Mr TambyRajah, of Sydney, New South Wales was a financial planner with ANZ Financial Planning at Hurstville between 19 January 2006 and 30 July 2014.
Mr TambyRajah was banned from providing financial services as ASIC found that he engaged in misleading and deceptive conduct by creating false documents and falsely amending documents contained on client files. The conduct included:
- writing clients' names and initials on documents in the places designated for their signatures and initials;
- changing the dates recorded on a number of documents; and
- creating false investor profile forms for two clients by photocopying forms they had signed in previous years and changing the dates on the copied documents.
Deputy Chairman, Peter Kell said, 'Financial advisers are important gatekeepers who must act honestly to increase broader public confidence in the financial services industry.
'This banning should serve as a deterrent to any financial adviser tempted to act dishonestly.'
Mr TambyRajah has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.
ASIC's work in the Wealth Management Project covers a number of areas including:
- Working with the largest financial advice firms to address the identification and remediation of non-compliant advice; and
- Seeking regulatory outcomes, when appropriate, against licensees and advisers.
As part of its Wealth Management Project, ASIC has banned the following advisers from the financial services industry, in addition to Mr TambyRajah:
- Anthony Bishop (16-409MR)
- James Edward McCarthy (16-398MR)
- Troy Andrew Rodney Williams (16-342MR)
- Michael Mahoney (16-323MR)
- Damian O'Rourke (16-318MR)
- Rommel Panganiban (16-309MR)
- Anthony Jason Sourris (16-270MR)
- Sarah Kate Gardner (16-269MR)
- Nicholas Kerr (16-260MR)
- Craig Scott Miller (16-239MR)
- Wayne Meadth (16-188MR)
- Hardik Bhimani (16-124MR)
- Gerard McCormack (16-059MR)
- Shane Thompson (16-022MR)
- Ben Rickman (16-006MR)
- Ben Cheung (16-004MR)
- Mark Tidbury (15-383MR)
- Amanda Ritchie (15-294MR)
- Stuart Murray Jamieson (15-288MR)
- Sharnie Kent (15-286MR)
- Alfie Chong (15-259MR)
- Martin Hodgetts (15-218MR)
- Shawn Hickman (15-213MR)
- Brett O'Malley (15-121MR)
- Brian Farber (15-178MR), and
- Rebecca Locksley (15-070MR).
ASIC has permanently banned former AFS licensee employee Mr Nicolai D'Lamartin, of Rosebery NSW, from providing financial services.
In 2014 Mr D'Lamartin was convicted of numerous counts of fraud and related offences under the Crimes Act 1900 (NSW), including impersonating persons and creating and using false documents to gain a financial advantage, larceny and using and possessing other people's identification information.
ASIC Deputy Chair Peter Kell said: 'Banning unscrupulous operators like Mr D'Lamartin will ensure consumers can have trust and confidence in the financial services industry.'
Mr D'Lamartin's convictions came to ASIC's attention in the course of investigating the conduct of an AFSL holder in late 2015. He has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
On 27 February 2014 Mr D'Lamartin was convicted of the following:
- 3 charges of fraud under s192E(1)(a) of the Crimes Act whereby he impersonated another person to dishonestly obtain property belonging to another;
- 17 charges of fraud under s192E(1)(b) of the Crimes Act which included conduct where he impersonated another person to dishonestly obtain a financial advantage, or engaged in the unauthorised use of cheques, online bank accounts or credit cards to obtain a financial advantage;
- 2 charges of forgery under s253 of the Crimes Act whereby he falsified bank document and other documents in the names of others, with the intention of having someone else accept them as genuine;
- 1 charge of forgery under s254 of the Crimes Act whereby he used false documents to obtain bank cheques from bank accounts of others;
- 3 charges of larceny under s117 of the Crimes Act whereby he stole cash and property, including drivers licenses and credit cards, from others;
- 2 charges of dealing with identification information under s192J of the Crimes Act whereby he used identification information belonging to two people with the intention of committing fraud;
- 2 charges of possession of identification information under s192K of the Crimes Act whereby he possessed identification information such as drivers licences, credit cards and Medicare cards with the intention of committing fraud; and
- 1 charge of dealing with property suspected of being proceeds of crime under s193C of the Crimes Act.
Mr D'Lamartin was sentenced to an aggregate term of imprisonment of 3 years which commenced on 21 November 2012 with a non-parole period of 20 months.
ASIC has banned Mr Ronald Malcom Cross, of Figtree, New South Wales, from providing financial services for a period of four years. Mr Cross is the CEO and a director of Park Trent Properties Group Pty Ltd (Park Trent).
On 27 November 2015, further to proceedings issued by ASIC, the Supreme Court of New South Wales found that Park Trent had unlawfully carried on an unlicensed financial services business for over five years by advising clients to purchase investment properties through a self-managed super fund (SMSF).
The Court also permanently restrained Park Trent from providing unlicensed financial product advice to clients regarding SMSFs.
ASIC found that, as the key decision maker of Park Trent, Mr Cross:
- was knowingly involved in Park Trent's contraventions, making all of its major strategic and business decisions and intended to influence clients to purchase properties through SMSFs; and
- that Mr Cross was willing to ignore legal advice and warnings about Park Trent's practices, demonstrating that he is likely to contravene financial services laws.
ASIC Deputy Chairman Peter Kell said, 'ASIC's action against Mr Cross shows that we will not hesitate to exclude property spruikers who provide unlicensed financial services from the industry.'
Mr Cross has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
ASIC launched legal proceedings in November 2014 against Park Trent who, by the time of the trial in June 2015, had advised over 860 members of the public to establish and switch funds into an SMSF (refer: 14-299MR).
On 15 October 2015, the Supreme Court of NSW found Park Trent had been unlawfully carrying on a financial services business for over five years by providing advice to clients to purchase investment properties through a SMSF (refer: 15-300MR).
On 27 November 2015, the Supreme Court of NSW handed down final orders further to the judgment delivered against Park Trent on 15 October 2015 (refer: 15-358MR).
Park Trent has appealed the decision to the NSW Court of Appeal and the appeal is set down for a final hearing on 11 October 2016.
On 16 August 2016, Mr Cross made an application to the AAT for a review of ASIC's decision.
Editor's note 2:
On 20 September 2016, Deputy President Frost made a direction to adjourn the matter until the determination of the Park Trent appeal.
The Federal Court has declared that land banking developments operated by Jamie and Dennis McIntyre were unregistered managed investment schemes in a decision delivered by His Honour Justice Bromwich on 17 October 2016.
The Court also made orders that Jamie and Dennis McIntyre be disqualified from managing corporations and restrained from carrying on financial services for a period of 10 years each, due to them being officers of companies that had failed, by virtue of them being wound up, and which had also repeatedly contravened the Corporations Act .
Jamie and Dennis McIntyre agreed to the banning orders made against them.
Further, the Court made orders to wind up the unregistered managed investment schemes, which were promoted and advertised by the 21stCentury land banking companies*.
The unregistered managed investment schemes are known as:
- Botanica, located at 805 Archer Rd, Kialla, Victoria 3631
- Secret Valley Estate, located at955, Old Sydney Road, Bylands, Victoria 3762
- Oak Valley Lakes Estate & Resort, located at 124 Booth Road, Brookhill, Townsville, Qld 4816
- Bendigo Vineyard Estate & Resort, located at51 Andrews Road, Bendigo, Victoria 3551
- Melbourne Grove Estate, located at1491 Dohertys Road, Mount Cottrell, Victoria 3024
Simon Wallace-Smith and Robert Woods of Deloitte have been appointed as joint liquidators of the unregistered managed investment schemes.
ASIC Commissioner Greg Tanzer said, "The high banning periods ordered by the Court in this case are necessary to protect the public from those who are officers of companies that repeatedly contravene the Corporations Act. It also serves as a warning to those involved in unlawful unregistered managed investment schemes, including those that involve land banking, that ASIC will take action."
ASIC's investigation into the matter is ongoing.
ASIC commenced proceedings in August 2015 against Jamie and Dennis McIntyre and the 21st Century land banking companies in relation to their promotion and sale of interests to investors in five land banking schemes (Refer: 15-214MR).
ASIC’s proceedings are part of ASIC's wider and ongoing investigation into land banking schemes.
*Jamie McIntyre refers to his companies as the "21st Century Group". 21st Century Group Pty Ltd (ACN 108 150 545) is not a defendant to the proceeding, and ASIC is not aware of any connection between 21st Century Group Pty Ltd and the defendants.