The Administrative Appeals Tribunal (AAT) has affirmed ASIC鈥檚 decision to permanently ban Mr Yingjie Wang (also known as Jay Wang), a lawyer and accountant from Sydney, from providing financial services.
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鈥檚 decision (refer: 17-036MR), the AAT found that Mr Wang:
- was dishonest in that he transferred an investor鈥檚 money from Easy Capital Global Pty Ltd鈥檚 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.
Mr Wang鈥檚 banning is recorded on ASIC鈥檚 Banned and Disqualified Persons Register.
Editor's note:
On 18 June 2018, Mr Wang filed a Notice of Appeal with the Federal Court of Australia in relation to the decision of the Administrative Appeals Tribunal.