A man providing unlicensed financial advisory services has been sentenced to 5 years and 6 months in prison after pleading guilty to offences involving dishonest conduct, carrying on an unlicensed financial services business, and recklessly dealing with the proceeds of crime.
Ashley Arandez of Hoppers Crossing in Victoria was sentenced on 8 May 2026 over charges relating to AUD$1.97m that he received from investors while providing financial product advice, despite not being authorised.
From 23 June 2019, Mr Arandez was not licensed or authorised to provide financial services, but he carried on a financial services business up to April 2021.
During that time, he recommended to clients that they invest funds from their self-managed superannuation fund into investment products which he controlled, and promised fixed interest returns of 8-12% per annum or up to 300% payable on maturity after three years.
During 2019 to 2021, when he was unlicensed, his promised investments were mostly unfulfilled. He also used some of the investor funds for his own personal use, including purchasing property in his own name and a motorhome.
Sarah Court, deputy chair of the Australian Securities & Investments Commission (ASIC), said: “Mr Arandez betrayed the trust of his clients, misappropriated investors’ funds and used the money for his own benefit.
“ASIC took this action to protect consumers from harm caused by dishonest and unlicensed conduct. The Court’s sentence reflects the seriousness of Mr Arandez’s misconduct and sends a strong signal to deter others from similar conduct.”
