Former Director of AWSM Charged with Authorising to Provide False or Misleading Information to ASIC

James Jianshu Feng, former director of Australasia Wealth Services and Management Pty Limited (AWSM), a Sydney-based financial services provider, has been charged with authorising the making of a false or misleading statement to ASIC.

As detailed in the official announcement, on or about 21 January 2020, 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.

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At that time, Mr Feng is still a director of AWSN. On 3 April 2020, AWSM was wound up in insolvency upon an application made by ASIC. Before that,  ASIC has cancelled the Australian financial services (AFS) licence of AWSM back to 2019.

According to the Australian regulator, knowingly providing false or misleading information to ASIC is an offence under section 1308(2) of the Corporations Act. The maximum penalty for this offence is five years imprisonment.

Mr Feng appeared before the Downing Centre Local Court on 20 July 2021 and pleaded not guilty. The matter has been adjourned until 7 September 2021. The maximum penalty is reduced to one year imprisonment and/or a fine of up to $12,600.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.