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Screenshot of a breaking news alert e-mail from Q2 2017
The Administrative Appeals Tribunal (AAT) has affirmed ASIC’s decision to permanently ban Mr Yingjie Wang (also known as Jay Wang), a lawyer and accountant from Sydney, from providing financial services, the regulator has announced earlier today.
At the time of the conduct considered by the AAT Mr Wang was a director, and sole signatory of the bank account, of Easy Capital Global Pty Ltd, a company which held an Australian financial services licence.
In affirming ASIC’s decision, the AAT found that Mr Wang:
- was dishonest in that he transferred an investor’s money from Easy Capital Global Pty Ltd’s Australian bank account to the bank account of a company in the Seychelles with which Mr Wang had a very close relationship, at a time when he knew the investor was claiming the return of his money;
- showed substantial incompetence in his handling of business matters;
sent emails to the investor which were somewhat misleading; and
- is not adequately trained and is not competent to provide a financial service or financial services.