Former Financial Adviser Sentenced to 12 Years for Fraud

Ben Jayaweera, a former financial adviser and director of Growth Plus Financial Group Pty Ltd (in Liquidation), has been sentenced to 12 years in prison following a Brisbane District Court hearing on August 26, 2024. On August 23, a jury found Jayaweera guilty of 28 counts of fraud under section 408C(1)(e) of the Criminal Code Act 1899 (Qld).

The court heard that Jayaweera caused a total financial loss of A$5,958,870 to 12 former clients through fraudulent activities between August 2013 and November 2015. He misrepresented the Australian Diversified Sector Investment Fund (ADSIF) as a diversified investment vehicle and misused funds from clients' self-managed superannuation funds (SMSFs) for personal gain.

Prosecuted by the Office of the Director of Public Prosecutions (Cth) following an ASIC investigation, Jayaweera's sentence was handed down by Judge Moynihan KC. He will be eligible for parole after serving six years, with 977 days of pre-sentence custody counted towards his term.